CONVERTIBLE PROMISSORY NOTES AND FAIR VALUE OF CONVERTIBLE PROMISSORY NOTES (Tables)

3 Months Ended

Mar. 31, 2022

CONVERTIBLE PROMISSORY NOTES AND FAIR VALUE OF CONVERTIBLE PROMISSORY NOTES

Schedule of convertible promissory notes

	March 31, 2022		December 31, 2021
Convertible promissory notes totaling $550,000 due January 31, 2019, interest payable at 8% per annum; unsecured; principal and accrued interest convertible into common stock at the lower of $7.00 per share or the price per share of the latest closing of a debt or equity offering by the Company greater than $3,000,000; accrued interest due January 31, 2019 and currently in default. The Company has offered to either repay the convertible promissory notes or request to have them converted into common stock shares of the Company. The beneficial owners of the convertible promissory notes have not yet communicated their intent to either receive payment or convert.	$	550	$	550
Current portion of convertible promissory notes	$	550	$	550

Schedule of Fair value of convertible promissory notes

	March 31, 2022			December 31, 2021
Series A subordinated convertible note at fair value	$	3,095		$	3,074
Series B subordinated convertible note at fair value		11,451			11,858
Total convertible promissory notes		14,546			14,932
Less: Investor Note offset – Series B Note		(5,000	)		(5,000	)
Carrying value of convertible promissory notes at fair value		9,546			9,932
Less: current portion of convertible promissory notes at fair value		(9,546	)		(9,932	)
Convertible promissory notes, less current portion	$	-		$	-

Schedule Of aggregated fair values of the warrants

Significant assumptions (weighted-average):
Risk-free interest rate at grant date	0.36	%
Expected stock price volatility	81.14	%
Expected dividend payout	-
Expected warrant life (in years)	2
Expected forfeiture rate	0	%