CONVERTIBLE PROMISSORY NOTES AND WARRANTS (Tables)

6 Months Ended

Jun. 30, 2022

Debt Disclosure [Abstract]

Schedule of convertible promissory notes

Schedule of convertible promissory notes
	New 1% Convertible Promissory Notes, due in 2025		New 1% Convertible Promissory Notes, due in 2027			Total
Net carrying value of convertible promissory notes as of December 31, 2021	$	645,000	$	-		$	645,000
Proceeds of new 1% convertible promissory note		-		2,500,000			2,500,000
Less: Allocated intrinsic value of beneficial conversion feature (Note a)		-		(400,000	)		(400,000	)
Add: Accumulated amortization of debt discount		-		36,536			36,536
Net carrying value of convertible promissory notes as of June 30, 2022	$	645,000	$	2,136,536		$	2,781,536

Note:

(a) At the time of issuance, the Company evaluated the intrinsic value of the beneficial conversion feature (“BCF”) associated with the conversion feature of the convertible promissory note. The BCF was recorded into additional paid-in capital. Additionally, the convertible promissory note was considered to have an embedded BCF because the effective conversion price was less than the fair value of the Company’s common stock on notes issuance date. The value of the BCF was recorded as a discount on the convertible promissory note. Hence, in connection with the issuance of the convertible promissory note, the Company recorded a total debt discount of $400,000 that will be amortized over the term of the Note using effective interest rate method.

Schedule of amortization of debt discount

Schedule of amortization of debt discount
	For the Three Months Ended				For the Six Months Ended
	June 30, 2022		June 30, 2021		June 30, 2022		June 30, 2021
New 1% convertible promissory notes, due in 2025	$	-	$	-	$	-	$	-
New 1% convertible promissory notes, due in 2027		17,751		-		36,536		-
Total		17,751		-		36,536		-

Schedule of interest expenses

Schedule of interest expenses
	For the Three Months Ended				For the Six Months Ended
	June 30, 2022		June 30, 2021		June 30, 2022		June 30, 2021
New 1% convertible promissory notes, due in 2025	$	1,608	$	1,625	$	3,198	$	3,252
New 1% convertible promissory notes, due in 2027		6,233		-		11,164		-
Total		7,841		1,625		14,363		3,252