Annual report pursuant to Section 13 and 15(d)

Derivative Financial Instruments (Tables)

v3.21.1
Derivative Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Fair Value Assumptions Related to Option Issued

The range of fair value assumptions used for derivative financial instruments during the year ended December 31, 2020, were as follows:

 

Dividend yield     0.0 %
Risk-free rate     0.10% - 1.43 %
Volatility     147% - 190 %
Expected term     1 year  

 

The following table presents the three-level hierarchy prescribed by U.S. GAAP for derivative liabilities since it is a liability that is measured and recognized at fair value on a recurring basis as of:

 

    Level 1     Level 2     Level 3     Change in Fair Value  
                         
December 31, 2019   $ -     $ -     $ 827,314     $ 356,314  
December 31, 2020   $ -     $ -     $ 235,165     $ (222,707 )
Schedule of Recognized Derivative Liabilities

The Company recognized derivative liabilities for the years ended December 31, 2020 and 2019, as follows:

 

Derivative liabilities as of January 1, 2019   $ -  
Valuation upon issuance     323,675  
Revaluation upon modification     147,325  
Change in fair value     356,314  
Derivative liabilities as of December 31, 2019     827,314  
Valuation upon issuance     433,672  
Revaluation upon modification     (344,137 )
Change in fair value     (222,707 )
Elimination upon extinguishment     (458,977 )
Derivative liabilities as of December 31, 2020   $ 235,165