ACCOUNTS PAYABLE AND ACCRUED LIABILITIES

3 Months Ended

Mar. 31, 2021

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 March 31, 2021, and December 31, 2020.

	March 31, 2021		December 31, 2020
Accounts payable and accrued expense	$	592,980		587,230
Accrued interest		521,402		466,801
Accrued interest and penalties Golock(a)		1,172,782		1,172,782
Soundstr Obligation		145,258		145,259
Total accounts payable and accrued liabilities	$	2,432,422		2,372,072

(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.