Convertible Note Payable

12 Months Ended

Dec. 31, 2019

Debt Disclosure [Abstract]

Convertible Note Payable

NOTE 4 - CONVERTIBLE NOTE PAYABLE

Convertible notes payable consists of the following:

	December 31, 2019			December 31, 2018
Total convertible notes payable		277,750			20,000
Less discounts		(116,346	)		(0	)
Convertible notes, net of discount	$	161,404		$	20,000

The Company accounts for the fair value of the conversion features of its convertible debt in accordance with ASC Topic No. 815-15 “Derivatives and Hedging; Embedded Derivatives” (“Topic No. 815-15”). Topic No. 815-15 requires the Company to bifurcate and separately account for the conversion features as an embedded derivative contained in the Company’s convertible debt. The Company is required to carry the embedded derivative on its balance sheet at fair value and account for’ any unrealized change in fair value as a component of results of operations. The Company values the embedded derivatives using the Black-Scholes pricing model.

The following table presents details of the changes in the Company’s derivative liabilities associated with its convertible notes for the year ended December 31, 2019:

	Amount
Balance December 31, 2018	$	0
Add derivative liability due to new convertible notes		219,469
Change in fair market value of derivative liabilities		43,242
Balance December 31, 2019	$	262,711

Settlement Agreements

During the year ended December 31, 2019, the Company issued 1,280,000 shares of common stock with a fair value of $164,033 for the settlement of liabilities payable. The conversion of the derivative liabilities has been recorded through additional paid-in capital.