Convertible Notes Payable (Tables)

3 Months Ended

Mar. 31, 2021

Issuance of promissory note for accrued expenses

Schedule of convertible notes payable

The following tables set forth the components of the Company’s convertible notes at March 31, 2021 and December 31, 2020:

	March 31, 2021			December 31, 2020
Principal value of convertible notes	$	1,590,704		$	1,595,553
Unamortized loan discounts		(14,450	)		(35,750	)
Total convertible notes, net	$	1,576,254		$	1,559,803

The following table sets forth a summary of change in our convertible notes payable for the three months ended March 31, 2021:

Beginning balance, January 1, 2021	$	1,559,803
Amortization of debt discounts		21,300
Issuance of new convertible notes		—
Conversion of principal amounts outstanding into common stock of the Company		(4,849	)
Ending balance March 31, 2021	$	1,576,254

Schedule of fair value of assumptions used

The value of the derivative liabilities was determined using the following Black-Scholes methodology:

	March 31, 2021			December 31, 2020
Expected dividend yield (1)		0.0	%		0.0	%
Risk-free interest rate (2)		0.05 – 0.07	%		0.09 – 0.17	%
Expected volatility (3)		253.5 – 415.6	%		199.52 – 582.91	%
Expected life (in years)		0.5 – 1.0			0.5 – 1.0