ACCOUNTS PAYABLE AND ACCRUED LIABILITIES

12 Months Ended

Dec. 31, 2020

ACCOUNTS PAYABLE AND ACCRUED LIABILITIES

NOTE 5 - ACCOUNTS PAYABLE AND ACCRUED LIABILITIES

Accounts payables are recognized initially at the transaction price and subsequently measured at the undiscounted amount of cash or other consideration expected to be paid. Accrued expenses are recognized based on the expected amount required to settle the obligation or liability.

The following table sets forth the components of the Company’s accrued liabilities on December 31, 2020, and December 31, 2019.

	December 31, 2020		December 31, 2019
Accounts payable and accrued expense (includes $41,250 to a former officer and director at December 31, 2019, Note 4)	$	587,230		577,115
Accrued interest		466,801		271,621
Accrued interest and penalties Golock(a)		1,172,782		-
Soundstr Obligation		145,259		169,409
Total accounts payable and accrued liabilities	$	2,372,072		1,018,145

(a) The Company strongly disagrees with the accrued interest and penalties claimed by Golock in regard to their notes, and intends to arbitrate or litigate this amount if a settlement on a vastly reduced amount cannot be reached.