Annual report pursuant to Section 13 and 15(d)

Fair Value of Financial Instruments (Tables)

v3.20.1
Fair Value of Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 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 balances sheet as of December 31, 2019 and 2018:

 

    Fair Value Measurements at December 31, 2019  
    Level 1     Level 2     Level 3  
Assets                  
Cash   $ 282,380     $ -     $ -  
Total assets     282,380       -       -  
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 )   $ (1,015,684 )

 

    Fair Value Measurements at December 31, 2018  
    Level 1     Level 2     Level 3  
Assets                  
Cash   $ 125,846     $ -     $ -  
Total assets     125,846       -       -  
Liabilities                        
Convertible notes payable     -       -       300,000  
Advances from shareholders     -       514,141       -  
Notes payable     -       200,000       -  
Total liabilities     -       714,141       300,000  
    $ 125,846     $ (714,141 )   $ (300,000 )