Convertible Notes Payable (Table)

3 Months Ended

Mar. 31, 2020

Notes Payable [Abstract]

Summary of Convertible notes payable

Convertible notes payable at March 31, 2020 and December 31, 2019 consist of the following:

	March 31,			December 31,
	2020			2019
Convertible note payable to GBT Technologies	$	10,000,000		$	10,000,000
Convertible note payable to Glen Eagle		1,000,000			1,000,000
Convertible note payable to Power Up		183,600			-
Convertible note payable to Stanley Hills		869,011			-
Convertible note payable to Iliad		2,601,983			-
Total convertible notes payable		14,654,594			11,000,000
Unamortized debt discount		(3,085,387	)		-
Convertible notes payable		11,569,207			11,000,000
Less current portion		(569,207	)		-
Convertible notes, long-term portion	$	11,000,000		$	11,000,000

Rollfoward of convertible note

A roll-forward of the convertible note from December 31, 2019 to March 31, 2020 is below:

Convertible notes, December 31, 2019	$	11,000,000
Issued for cash		153,000
Notes payable converted to convertible notes		3,980,883
Original issue discount		30,600
Conversion to common stock		(509,889	)
Debt discount related to new convertible notes		(4,164,483	)
Amortization of debt discounts		1,079,096
Convertible notes, March 31, 2020	$	11,569,207