Annual report pursuant to Section 13 and 15(d)

Fair Value of Financial Instruments (Tables)

v3.21.1
Fair Value of Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2020
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 balances sheet as of December 31, 2020 and 2019:

 

    Fair Value Measurements at December 31, 2020  
    Level 1     Level 2     Level 3  
Assets                        
Cash   $ 28,920     $ -     $ -  
Right-of-use-asset     -       -       195,029  
Total assets     28,920       -       195,029  
Liabilities                        
Lease liabilities     -       -       201,525  
Notes payable     -       334,841       -  
Total liabilities     -       (334,841 )     (201,525 )
    $ 28,920     $ (334,841 )   $ (6,496 )

 

    Fair Value Measurements at December 31, 2019  
    Level 1     Level 2     Level 3  
Assets                  
Cash   $ 282,380     $ -     $ -  
Right-of-use-asset     -       -       502,706  
Total assets     282,380       -       502,706  
Liabilities                        
Lease liabilities     -       -       508,352  
Convertible notes payable     -       -       507,332  
Notes payable     -       130,000       -  
Total liabilities     -       (130,000 )     (1,015,684 )
    $ 282,380     $ (130,000 )   $ (512,978 )