Convertible Notes Payable (Table)

6 Months Ended

Jun. 30, 2020

Notes Payable [Abstract]

Summary of Convertible notes payable

Convertible notes payable at June 30, 2020 and December 31, 2019 consist of the following:

	June 30,			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
Convertible note payable to Power Up		183,600			-
Convertible note payable to Stanley Hills		1,001,817			-
Convertible note payable to Iliad		2,486,983			-
Total convertible notes payable		13,672,400			11,000,000
Unamortized debt discount		(1,494,636	)		-
Convertible notes payable		12,177,764			11,000,000
Less current portion		(2,177,764	)		-
Convertible notes payable, long-term portion	$	10,000,000		$	11,000,000

Rollfoward of convertible note

A roll-forward of the convertible notes payable from December 31, 2019 to June 30, 2020 is below:

Convertible notes payable, December 31, 2019	$	11,000,000
Issued for cash		285,806
Exchange of convertible note for other company assets		(1,000,000	)
Notes payable converted to convertible notes		3,980,883
Original issue discount		30,600
Conversion to common stock		(624,889	)
Debt discount related to new convertible notes		(4,164,483	)
Amortization of debt discounts		2,669,847
Convertible notes payable, June 30, 2020	$	12,177,764