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Summary of Significant Accounting Policies (Tables)
9 Months Ended
Sep. 30, 2020
Accounting Policies [Abstract]  
Schedule of Assets and Liabilities

Other than the restricted cash of $20,000, the Company did not have any Level 1 or Level 2 assets and liabilities at September 30, 2020.

 

    Carrying     Fair Value Measurement Using  
At September 30, 2020   Value     Level 1     Level 2     Level 3     Total  
                               
Restricted Cash – CDs at Bank   $ 20,000     $ 20,000     $ -     $ -     $ 20,000  
    $ 20,000     $ -     $ -     $ -     $ 20,000  
Summary of Changes in Fair Value of Derivative Liabilities

The table below sets forth a summary of the changes in the fair value of the Company’s derivative liabilities classified as Level 3 as of September 30, 2020:

 

    Conversion Feature  
Balance at December 31, 2019   $ 540,517  
New derivative liability     870,268  
Reclassification to additional paid in capital from conversion of debt to common stock     (573,811 )
Change in fair value     (60,504 )
         
Balance at September 30, 2020   $ 776,470  

Summary of Estimate Fair Value of Derivative Liabilities

The Company used the following assumptions to estimate fair value of the derivatives as of September 30, 2020:

 

    September 30, 2020
Key Assumptions
for fair value of conversions
 
Risk free interest     0.13 %
Market price of share   $ 0.18  
Life of instrument in years     1.56 – 1.85  
Volatility     150.77 %
Dividend yield     0 %
Schedule of Fair Value Warrants Estimated Using Black Scholes Valuation Model

The fair value of the warrants was estimated using a Black Scholes valuation model using the following input values

 

Expected Term     1.5 years  
Expected volatility     184.7%-191.9 %
Risk-free interest rates     0.13%-0.15 %
Dividend yields     0.00 %
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

The following number of shares have been excluded from diluted loss since such inclusion would be anti-dilutive:

 

   

Three and Nine Months

Ended September 30,

 
    2020     2019  
             
Convertible notes     20,237,084       10,000,000  
Stock options     6,130,004       6,145,044  
Warrants     18,152,500       19,515,787  
Potentially dilutive securities     44,519,588       35,660,831