Quarterly report pursuant to Section 13 or 15(d)

5. Prepayments and Advances

v3.20.2
5. Prepayments and Advances
 3 Months Ended
Mar. 31, 2020
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Prepayments and Advances

NOTE 5 – PREPAYMENTS AND OTHER ASSETS

 

Prepayments and other assets are comprised of prepayments paid to vendors to initiate orders and prepaid services and fees. The balances are summarized as follows:

 

    March 31,     December 31,  
    2020     2019  
Vendor prepayments   $ 1,406,996     $ 1,070,788  
Prepaid services and fees     270,165       187,912  
Deferred financing asset (See Note 10 - Debt)     780,929       –  
Other assets     6,391       20,028  
Prepayments and other assets   $ 2,464,481     $ 1,278,728