Quarterly report pursuant to Section 13 or 15(d)

Derivative Liabilities

v3.19.3
Derivative Liabilities
 9 Months Ended
Sep. 30, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Liabilities

NOTE 10 – DERIVATIVE LIABILITIES

 

The current portion of the convertible notes were accounted for as liabilities at the date of issuance and adjusted to fair value through earnings for the three months ended March 31, 2019. On May 14, 2019, due to the cash repayment any derivative liability was fair valued at repayment date and a gain was recorded for the reversal of derivative liability.

 

    Conversion
feature
derivative
liability		  
Balance at January 1, 2019     -  
Derivative liability     65,000  
Change in fair value included in earnings     36,925  
Balance at March 31, 2019   $ 101,925  
Change in fair value included in earnings     32,752  
Derivative liability reversed     (134,677 )
Balance at September 30, 2019   $ -  

 

The Company used the following assumptions for determining the fair value of the convertible instruments granted under the Black-Scholes option pricing model:

 

    September 30, 2019  
Expected volatility     328 %
Expected term - years     0.79  
Risk-free interest rate     2.57 %
Expected dividend yield     - %