NOTES PAYABLE (Tables)

9 Months Ended

Sep. 30, 2020

NOTES PAYABLE

Schedule of notes payable

	September 30,		December 31,
	2020		2019
2019 12% Notes	$	—	$	1,506,000
SBI Note		—		750,000
2019 15% Notes		2,231,000		200,000
Related party note payable		100,000		100,000
Unamortized debt discount		(92,473)		(225,649)
		2,238,527		2,330,351
Less: Current portion		(1,638,527)		(2,330,351)
Long-term portion	$	600,000	$	—

Summary of underlying assumptions used in the binomial lattice model to determine the fair value of the 15% Warrants

For purposes of determining the debt discount, the underlying assumptions used in the binomial lattice model to determine the fair value of the 15% Warrants were:

Current stock price	$0.45 - 0.67
Exercise price	$0.45
Risk-free interest rate	0.68 - 1.62 %
Expected dividend yield	—
Expected term (in years)	0.84 - 3.06
Expected volatility	112 - 119 %