|
The following schedule summarizes the valuation
of financial instruments at fair value on a recurring basis in the balances sheet as of December 31, 2019 and 2018:
| |
|
Fair Value Measurements at December 31, 2019 |
|
| |
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
| Assets |
|
|
|
|
|
|
|
|
|
| Cash |
|
$ |
282,380 |
|
|
$ |
- |
|
|
$ |
- |
|
| Total assets |
|
|
282,380 |
|
|
|
- |
|
|
|
- |
|
| Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
| Lease liabilities |
|
|
- |
|
|
|
- |
|
|
|
508,352 |
|
| Convertible notes payable |
|
|
- |
|
|
|
- |
|
|
|
507,332 |
|
| Notes payable |
|
|
- |
|
|
|
130,000 |
|
|
|
- |
|
| Total liabilities |
|
|
- |
|
|
|
130,000 |
|
|
|
1,015,684 |
|
| |
|
$ |
282,380 |
|
|
$ |
(130,000 |
) |
|
$ |
(1,015,684 |
) |
| |
|
Fair Value Measurements at December 31, 2018 |
|
| |
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
| Assets |
|
|
|
|
|
|
|
|
|
| Cash |
|
$ |
125,846 |
|
|
$ |
- |
|
|
$ |
- |
|
| Total assets |
|
|
125,846 |
|
|
|
- |
|
|
|
- |
|
| Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
| Convertible notes payable |
|
|
- |
|
|
|
- |
|
|
|
300,000 |
|
| Advances from shareholders |
|
|
- |
|
|
|
514,141 |
|
|
|
- |
|
| Notes payable |
|
|
- |
|
|
|
200,000 |
|
|
|
- |
|
| Total liabilities |
|
|
- |
|
|
|
714,141 |
|
|
|
300,000 |
|
| |
|
$ |
125,846 |
|
|
$ |
(714,141 |
) |
|
$ |
(300,000 |
) |
|