Gain on Exchange and Extinguishment of Liabilities (Tables)

3 Months Ended

Mar. 31, 2022

Gain On Exchange And Extinguishment Of Liabilities

Schedule of Estimated Gain on Exchange and Extinguishment of Debt

During the three months ended March 31, 2022 and 2021, the Company recorded gains on the extinguishment of liabilities through the negotiation of settlements with certain creditors and through the operation of law as follows:

	Three months ended March 31,
	2022		2021
Gain (loss) on Exchange and Extinguishment of Liabilities:
Gain on exchange and extinguishment of liabilities	$	—	$	124,177
Gain from settlement of litigation (See Note 11)		—		23,000
Loss from retirement of convertible note payable (See Notes 3)		—		(115,805	)
Total	$	—	$	31,372

Schedule of Fair Value of Warrants Estimated Valuation Assumptions

	As of March 31, 2021
Volatility – range		374.0	%
Risk-free rate		0.92	%
Contractual term		5.0 years
Exercise price	$	0.50
Number of warrants in aggregate		5,732,994

Schedule of Gain on Extinguishment of Liabilities

The gain on extinguishment of liabilities from the Debt Settlement Agreements was determined as follows:

	Amount
Total accounts payable and accrued liabilities extinguished	$	2,866,497
Less: Principal balance of 3% Convertible Promissory Notes issued		(28,665	)
Less: Fair value of warrants to purchase common stock issued		(1,605,178	)
Total gain on extinguishment of liabilities	$	1,232,654
Less: Related party amounts reported as a capital contribution		(1,108,477	)
Gain on extinguishment of liabilities	$	124,177