Loans Receivable
 12 Months Ended
Dec. 31, 2019
Receivables [Abstract]  
Loans Receivable

NOTE 5 - LOANS RECEIVABLE

 

At December 31, 2019 and 2018, the Company’s loans receivable consists of the following:

 

    December 31,     December 31,  
    2019     2018  
Loans receivable, net   $ 137,389     $ 112,911  
Less: current portion     (38,712 )     (37,155 )
Loans receivable, non-current   $ 98,677     $ 75,756  

 

During August 2019, the company advanced money to a former franchisee and issued a loan receivable in the amount of $60,186. The loan is payable in 120 monthly payments consisting of principal and interest of 12%, with the payments commencing as of December 1, 2019.

 

Loans receivable includes loans to franchisees totaling, in the aggregate, $137,389 and $112,911, net of reserves for uncollectible loans of $55,000 at December 31, 2019 and December 31, 2018. The loans have original terms ranging up to 10 years, earn interest at rates ranging from 2% to 12%, and are being repaid on a weekly or monthly basis.