Quarterly report pursuant to Section 13 or 15(d)

Fair Value of Financial Instruments (Tables)

v3.20.2
Fair Value of Financial Instruments (Tables)
 9 Months Ended
Sep. 30, 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 balance sheet as of September 30, 2020 and December 31, 2019, respectively:

 

    Fair Value Measurements at September 30, 2020  
    Level 1     Level 2     Level 3  
Assets                  
Cash   $ 20,879     $ -     $ -  
Right-of-use asset     -       -       423,695  
Total assets     20,879       -       423,695  
Liabilities                        
Lease liabilities     -       -       435,325  
Notes payable     -       119,274       -  
Total liabilities     -       (119,274 )     (435,325 )
    $ 20,879     $ (119,274 )   $ (11,630 )

 

    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 note payable     -       -       507,332  
Notes payable     -       130,000       -  
Total liabilities     -       130,000       1,015,684  
    $ 282,380     $ (130,000 )   $ (512,978 )