Derivative Liabilities

12 Months Ended

Dec. 31, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

DERIVATIVE LIABILITIES

NOTE 7 – DERIVATIVE LIABILITIES

The Company evaluated the terms and conditions of the Notes and Convertible Notes Payable (see Notes 5 and 6) and pursuant to ASC 815-15 Embedded Derivatives, certain conversion options and outstanding warrants were recorded as derivative liabilities on the issuance date and revalued at each reporting period.

The table below provides a summary of the changes in fair value, including net transfers in and/or out of all financial liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the year ended December 31, 2020:

	Amount
Balance on December 31, 2019	$	-
Issuances to debt discount		1,330,752
Issuances to interest expense		2,513,323
Net extinguishment		79,621
Change in fair value of derivative liabilities		(801,801	)
Change in fair value of warrant liabilities		(558,953	)
Balance on December 31, 2020	$	2,562,942

The fair value of the derivative conversion features and warrant liabilities as of December 31, 2020 were calculated using a Monte-Carlo option model valued with the following assumptions:

	December 31, 2020
Dividend yield		0	%
Expected volatility		46.4% - 82.2	%
Risk free interest rate		0.05% - 0.36	%
Contractual terms (in years)		0.08 - 4.30
Conversion/Exercise price	$	0.80 - $1.28