Convertible Notes Payable (Table)

9 Months Ended

Sep. 30, 2020

Notes Payable [Abstract]

Summary of Convertible notes payable

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

	September 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		-			-
Convertible notes payable to Redstart Holdings		247,200			-
Convertible note payable to Stanley Hills		1,158,471			-
Convertible note payable to Iliad		2,336,983			-
Total convertible notes payable		13,742,654			11,000,000
Unamortized debt discount		(577,931	)		-
Convertible notes payable		13,164,723			11,000,000
Less current portion		(3,011,123	)		-
Convertible notes payable, long-term portion	$	10,153,600		$	11,000,000

Rollfoward of convertible note

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

Convertible notes payable, December 31, 2019	$	11,000,000
Issued for cash		648,460
Exchange of convertible note for other company assets		(1,000,000	)
Notes payable converted to convertible notes		3,980,883
Original issue discount		71,800
Conversion to common stock		(958,489	)
Debt discount related to new convertible notes		(4,411,683	)
Amortization of debt discounts		3,833,752
Convertible notes payable, September 30, 2020	$	13,164,723