Quarterly report pursuant to Section 13 or 15(d)

Fair Value of Financial Instruments (Tables)

v3.19.3
Fair Value of Financial Instruments (Tables)
 9 Months Ended
Sep. 30, 2019
Investments, All Other Investments [Abstract]  
Schedule of Valuation of Financial Instruments at Fair Value on a Recurring Basis

The following schedule summarizes the valuation of financial instruments at fair value on a recurring basis in the balance sheet as of September 30, 2019 and December 31, 2018, respectively:

 

    Fair Value Measurements at September 30, 2019  
    Level 1     Level 2     Level 3  
Assets                        
Cash   $ 955,602     $ -     $ -  
Right-of-use asset     -       248,541       -  
Total assets     955,602       248,541       -  
Liabilities                        
Convertible note payable     -       -       507,332  
Advances from shareholders     -       -       -  
Notes payable     -       -       -  
Lease liability     -       251,789       -  
Total liabilities     -       (251,789 )     (507,332 )
    $ 955,602     $ (3,248 )   $ (507,332 )

 

    Fair Value Measurements at December 31, 2018  
    Level 1     Level 2     Level 3  
Assets                        
Cash   $ 125,846     $ -     $ -  
Total assets     125,846       -       -  
Liabilities                        
Convertible note payable     -       -       300,000  
Advances from shareholders     -       514,141       -  
Notes payable     -       -       200,000  
Total liabilities     -       (514,141 )     (500,000 )
    $ 125,846     $ (514,141 )   $ (500,000 )