Dec. 31, 2019

Jul. 31, 2019

$ 42,777

Risk-free interest rate

2.66%

Expected life (in years)

3 years

175,000

Fair value of warrants calculated using Black-Scholes pricing model

$ 0.25

$ 60,401

Volatility

287.77%

Amendment agreement, description

(i) the new warrant was calculated using the Black-Scholes pricing model at $220,758, (ii) the incremental fair value of the extended warrants was $395,158 and the incremental fair value of the repriced warrants was $87,351, being the excess of the fair value of the warrants immediately after the change in terms over the fair value immediately before the change in terms, (iii) the incremental fair value of the reduction in conversion price, which represented a change to the beneficial conversion feature, was $142,617, being the excess of the fair value of the conversion feature immediately after the change in terms over the fair value immediately before the change in terms, and (iv) the one-time conversion feature was valued using the Black-Scholes pricing model at $29,642. Because the fair value of consideration issued was greater than 10% of the present value of the remaining cash flows under the modified promissory notes, the transaction was treated as a debt extinguishment and reissuance of new debt instruments pursuant to the guidance of ASC 470-50. A loss on debt extinguishment was recorded in the amount of $697,722, equal to the fair value of the consideration issued of $875,526, less the excess of $177,804 of the carrying value of the existing debt instruments at the time of extinguishment over the fair value of the reissued debt instruments. As a result of the agreement, the $357.5k Note will subsequently be carried at fair value and revalued at each period end. The $550k Note, the $50k Note and the $111k Note were already carried at fair value due to previous extinguishment and reissuance transactions. There was no change in fair value of the reissued debt instruments subsequent to the reissuance date, since the extinguishment transaction occurred on December 31, 2019.

The Company entered into an Amendment agreement related to the $550k Note, the $50k Note and the $111k Note, pursuant to which the holder agreed to extend the maturity date of the three notes until July 31, 2019 in exchange for (i) a three-year warrant to purchase 200,000 of our common shares at an exercise price of $0.25, and (ii) a three-year warrant to purchase 300,000 of our common shares at an exercise price of $0.50. The fair value of the warrants using Black/Scholes was $133,019 with the following assumptions: risk-free interest rate of 2.67%, expected life of 3 years, volatility of 287.57%, and expected dividend yield of zero. The issuance of the warrants in exchange for the maturity extension was treated as an extinguishment and reissuance of existing debt pursuant to the guidance of ASC 470-50. A loss on debt extinguishment was recorded in the amount of $90,624.

550k Note, $50k Note, $111k Note and $357.5k Note [Member]

$ 142,617

Dec. 31, 2020

1,907,143

Amendment agreement, description

$ 0.14

The Company agreed to extend the maturity date of the $550k Note, the $50k Note, the $111k Note and the $357.5k Note until December 31, 2020 in exchange for (i) a new five-year warrant to Iconic to purchase 1,907,143 shares at an exercise price of $0.14 per share, (ii) extension of the expiration date on 12,586,111 warrants held by Iconic until January 1, 2025, (iii) repricing of the exercise price 3,508,333 warrants held by Iconic from various prices above $0.50 to $0.25, (iv) a reduction of the conversion price of the $111k Note from $0.35 to $0.15 and of the $357.5k Note from $0.20 to $0.15, and (v) the Company agreed to allow a one-time conversion of up to $30,000 on the $111k Note at a reduced conversion rate.

Convertible Note Payable ($550,000) - July 2016 [Member]

Percentage of fixed convertible secured promissory note

6.00%

$ 550,000

Dec. 31, 2020

6,875,000

$ 0.08

$ 500,000

Convertible Note Payable ($50,000) - July 2016 [Member]

$ 50,000

Percentage of fixed convertible secured promissory note

10.00%

$ 50,000

Dec. 31, 2020

500,000

Convertible Note Payable ($111,000) - May 2017 [Member]

$ 0.10

Percentage of fixed convertible secured promissory note

10.00%

$ 111,000

Dec. 31, 2020

740,000

$ 0.15

$ 100,000

Convertible Note Payable ($53,000) - July 2017 [Member]

$ 11,000

$ 74,922

$ 16,188

Convertible Note Payable ($35,000) - September 2017 [Member]

53,000

$ 35,000

11,778

Convertible Note Payable ($55,000) - September 2017 [Member]

$ 49,502

$ 55,000

14,763

Convertible Note Payable ($171,500) - October 2017 [Member]

$ 85,258

$ 171,500

Oct. 26, 2018

$ 139,798

Risk-free interest rate

2.93%

Expected life (in years)

3 years

Expected dividend yield

2.9152

2,512,821

75,000

Fair value of warrants calculated using Black-Scholes pricing model

$ 0.25

$ 26,282

150,000

Convertible debt in to common stock

$ 21,500

171,500

Convertible Note Payable ($57,750) - January 2018 [Member]

Amendment agreement, description

$ 57,750

The transaction closed on January 3, 2018. The $58k Note included a $5,250 original issue discount and $2,500 fee for net proceeds of $50,000. The $58k Note had an interest rate of 10% and a default interest rate of 18% and was scheduled to mature on January 2, 2019. The $58k Note was convertible into common stock of the Company by the holder at any time after the issuance date, subject to a 4.99% beneficial ownership limitation, at a conversion price per share equal to 28% discount to the lowest bid or trading price of the Company’s common stock during the twenty (20) trading days prior to the conversion date. On June 26, 2018, the holder agreed, without consideration, to reduce the discount to 28% of the volume weighted average price of the Company’s common stock for the 10 days prior to the conversion date. During the year ended December 31, 2018, the holder converted the entire principal balance of $57,750, as well as accrued interest in the amount of $3,786, into 384,839 shares of Company common stock.

$ 2,500

Convertible Note Payable ($112,750) - February 2018 [Member]

$ 5,250

$ 112,750

$ 2,014

100,000

Fair value of warrants calculated using Black-Scholes pricing model

$ 0.25

$ 50,614

$83k Note - February 2018 [Member] | Convertible Notes Payable [Member]

$ 151,536

Fair value of warrants calculated using Black-Scholes pricing model

$ 83,000

Warrant term

5 years

$ 92,400

$ 51,251

Accrued interest, for a one-time cash payment

$ 111,596

Warrant to purchase of common stock, shares

237,143

Warrant to purchase of common stock exercise price

$ 0.35

One Hundred Five Note [Member] | Convertible Notes Payable [Member]

$ 105,000

Net proceeds from issuance of convertible notes

$ 51,804

$ 100,000

Sixty Three Note [Member] | Convertible Notes Payable [Member]

The Company prepaid the balance on the $105k Note, including accrued interest, for a one-time cash payment of $140,697. In connection with the repayment, the Company recognized a gain on debt extinguishment of $51,804, equal to the excess of the carrying value of the note, derivative embedded conversion feature and accrued interest over the payment amount, in the year ended December 31, 2018.

$ 63,000

Fifty Seven Note [Member] | Convertible Notes Payable [Member]

The Company prepaid the balance on the $63k Note II, including accrued interest, for a one-time cash payment of $89,198. In connection with the repayment, the Company recognized a gain on debt extinguishment of $26,166, equal to the excess of the carrying value of the note, derivative embedded conversion feature and accrued interest over the payment amount, in the year ended December 31, 2018.

The Company prepaid the balance on the $63k Note, including accrued interest, for a one-time cash payment of $89,198. In connection with the repayment, the Company recognized a gain on debt extinguishment of $25,856, equal to the excess of the carrying value of the note, derivative embedded conversion feature and accrued interest over the payment amount, in the year ended December 31, 2018.

$ 57,750

Ninety Note [Member] | Convertible Notes Payable [Member]

The Company prepaid the balance on the $57.8k Note II, including accrued interest, for a one-time cash payment of $81,850. In connection with the repayment, the Company recognized a gain on debt extinguishment of $24,427, equal to the excess of the carrying value of the note, derivative embedded conversion feature and accrued interest over the payment amount, in the year ended December 31, 2018.

$ 90,000

$53k Note II - April 2018 [Member] | Convertible Notes Payable [Member]

The Company prepaid the balance on the $90k Note, including accrued interest, for a one-time cash payment of $119,240. In connection with the repayment, the Company recognized a gain on debt extinguishment of $38,508, equal to the excess of the carrying value of the note, derivative embedded conversion feature and accrued interest over the payment amount, in the year ended December 31, 2018.

$68.3k Note - May 2018 [Member] | Convertible Notes Payable [Member]

The Company prepaid the balance on the $53k Note III, including accrued interest, for a one-time cash payment of $75,039. In connection with the repayment, the Company recognized a gain on debt extinguishment of $20,945, equal to the excess of the carrying value of the note, derivative embedded conversion feature and accrued interest over the payment amount, in the year ended December 31, 2018.

$ 68,250

$37k Note - May 2018 [Member] | Convertible Notes Payable [Member]

The Company prepaid the balance on the $68.3k Note, including accrued interest, for a one-time cash payment of $91,644. In connection with the repayment, the Company recognized a gain on debt extinguishment of $36,420, equal to the excess of the carrying value of the note, derivative embedded conversion feature and accrued interest over the payment amount, in the year ended December 31, 2018.

$ 37,000

$78.8k Note - May 2018 [Member] | Convertible Notes Payable [Member]

The Company prepaid the balance on the $37k Note, including accrued interest, for a one-time cash payment of $49,144. In connection with the repayment, the Company recognized a gain on debt extinguishment of $18,579, equal to the excess of the carrying value of the note, derivative embedded conversion feature and accrued interest over the payment amount, in the year ended December 31, 2018.

$ 78,750

$103k Note I - October 2018 [Member] | Convertible Notes Payable [Member]

The Company prepaid the balance on the $78.8k Note, including accrued interest, for a one-time cash payment of $104,738. In connection with the repayment, the Company recognized a gain on debt extinguishment of $38,705, equal to the excess of the carrying value of the note, derivative embedded conversion feature and accrued interest over the payment amount, in the year ended December 31, 2018.

$ 103,000