Derivative Liability
 12 Months Ended
Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Liability

Note 8 – Derivative Liability

 

The Company analyzed the conversion options for derivative accounting consideration under ASC 815, Derivatives and Hedging, and determined that an instrument should be classified as a liability when a conversion option becomes effective.

 

The derivative liability in connection with the conversion feature of the convertible debt is measured using level 3 inputs.

 

 

The change in the fair value of derivative liabilities is as follows:

 

Balance - December 31, 2019  $1,170,060 
Settlement of derivatives upon conversion  $(14,327)
Debt discount from derivative liability  $176,858 
Loss on change in fair value of the derivative  $915,054 
Balance - December 31, 2020  $2,247,645 
Settlement of derivatives upon conversion  $(457,572)
Gain on change in fair value of the derivative  $(1,077,289)
Balance – December 31, 2021  $712,784 

 

The table below shows the Black-Scholes option-pricing model inputs used by the Company to value the derivative liability at each measurement date:

 

    Year ended
December 31, 2021		    Year ended
December 31, 2020		 
Expected term   0.25 – 1.09 years    0.08 – 1.01 years 
Expected average volatility   138.34% – 162.05%   291.56% – 378.27%
Expected dividend yield   -    - 
Risk-free interest rate   0.06 % – 0.39%   0.08% – 0.15%