Quarterly report pursuant to Section 13 or 15(d)

4. Convertible Notes Payable (Tables)

v3.20.2
4. Convertible Notes Payable (Tables)
6 Months Ended
Jun. 30, 2020
Debt Disclosure [Abstract]  
Schedule of convertible notes payable

The following table summarizes outstanding convertible notes as of June 30, 2020 and December 31, 2019:

 

    June 30, 2020     December 31, 2019  
Convertible note dated March 29, 2019, maturing September 30, 2019   $ 888,432     $ 700,000  
Convertible note dated September 6, 2019, maturing September 6, 2021           153,000  
Convertible note dated November 25, 2019, maturing November 25, 2021           78,000  
Convertible note dated November 25, 2019, maturing November 25, 2020     60,034       150,000  
Convertible note dated December 10, 2019, maturing December 10, 2020     74,700       110,000  
Convertible note dated February 7, 2020, maturing February 7, 2022     78,000        
Total     1,101,166       1,191,000  
Debt discount and deferred finance costs on long-term convertible notes           (5,376 )
Debt discount and deferred finance costs on short-term convertible notes           (37,310 )
Current convertible notes payable, net of discount           (922,690 )
                 
Total long-term convertible notes payable, net   $ 1,101,166     $ 225,624  
Fair value of assets and liabilities

The following table presents information about the Company’s liabilities measured at fair value on a recurring basis and the Company’s estimated level within the fair value hierarchy of those assets and liabilities as of June 30, 2020 and December 31, 2019:

 

Fair value measured at June 30, 2020
    Total carrying value at June 30, 2020    

Quoted prices in

active markets

(Level 1)

   

Significant other observable inputs

(Level 2)

   

Significant Unobservable inputs

(Level 3)

 
Liabilities:                        
Derivative liabilities   $ 874,235     $     $     $ 874,235  
                                 

 

Fair value measured at December 31, 2019
    Total carrying value at December 31, 2019    

Quoted prices in active markets

(Level 1)

   

Significant other observable inputs

(Level 2)

   

Significant Unobservable inputs

(Level 3)

 
Liabilities:                        
Derivative liabilities   $ 470,331     $     $     $ 470,331  
Change in fair value of derivative liability

The table below presents the change in the fair value of the derivative liability during the six months ended June 30, 2020:

 

Fair value as of December 31, 2019   $ 470,331  
Fair value on the date of issuance recorded as a debt discount     514,100  
Fair value on the date of issuance recorded as a loss on derivative     504,479  
Extinguishment of liability due to conversion to equity     (631,569 )
Loss on change in fair value of derivatives     16,894  
Fair value as of June 30, 2020   $ 874,235