Derivative Financial Instruments and Fair Value (Tables)

12 Months Ended

Dec. 31, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Fair Value of Assets and Liabilities Measured on Recurring Basis

The following table sets forth the financial assets and liabilities carried at fair value measured on a recurring basis as of December 31, 2020 and 2019:

	Level 1		Level 2		Level 3		Total
As of December 31, 2020:
Embedded conversion option	$	-	$	-	$	455,336	$	455,336
Total	$	-	$	-	$	455,336	$	455,336
As of December 31, 2019:
Embedded conversion option	$	-	$	-	$	455,336	$	455,336
Total	$	-	$	-	$	455,336	$	455,336

Schedule of Changes in Liabilities with Level 3 of Fair Value

The following table reconciles the changes in the liability categorized within Level 3 of the fair value hierarchy for the years ended December 31, 2019 and 2020:

Balance at December 31, 2018	$	350,260
Change in fair value of derivative instrument		105.076
Balance at December 31, 2019	$	455,336
Change in fair value of derivative instrument		-
Balance at December 31, 2020	$	455,336