Annual report pursuant to Section 13 and 15(d)

Derivative Financial Instruments and Fair Value (Tables)

v3.21.1
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