v3.22.2.2

Fair Value Measurements | 9 Months Ended
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Sep. 30, 2022
Fair Value Disclosures [Abstract] |
Fair Value Disclosures [Text Block] | Note 12 – Fair Value Measurements The Company complies with the provisions of FASB ASC No. 820, Fair Value Measurements and Disclosures (“ASC 820”), in measuring fair value and in disclosing fair value measurements at the measurement date. ASC 820 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements required under other accounting pronouncements. FASB ASC No. 820-10-35, Fair Value Measurements and Disclosures- Subsequent Measurement (“ASC 820-10-35”), clarifies that fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC 820-10-35-3 also requires that a fair value measurement reflect the assumptions market participants would use in pricing an asset or liability based on the best information available. Assumptions include the risks inherent in a particular valuation technique (such as a pricing model) and/or the risks inherent in the inputs to the model. The following table shows the change in the fair value of the derivative liabilities on all outstanding convertible debt at September 30, 2022 and at December 31, 2021:
Description |  | September 30, 2022 |  |  | December 31, 2021 |
Purchase price of the convertible debenture - net of discount |  | $ | 136,250 |  |  |  | 7,653 |
Purchase during period |  |  | 38,750 |  |  |  | 136,250 |
Total convertible debt |  |  | 175,000 |  |  |  | 143,903 |
Valuation of derivative during prior period |  |  | 99,034 |  |  |  | - |
Valuation of derivative during current period |  |  | 202,690 |  |  |  | 99,034 |
Balance of Original issue discount not amortized |  |  | (1,875 | ) |  |  | (9,127 | )
Balance of derivative liability net of discount on the notes (See Consolidated Balance sheet liabilities) |  | $ | 474,849 |  |  | $ | 233,810 |
Derivative calculations and presentations on the Statement of Operations |  |  |  |  |  |  |  |
Loss on note issuance |  | $ | (66,810 | ) |  | $ | - |
Change in Derivative (Gain) Loss |  |  | (135,880 | ) |  |  | - |
Derivative Finance fees |  |  | - |  |  |  | (49,623 | )
Gain (loss) on extinguishment of debt |  |  | - |  |  |  | - |
Derivative expense charged to operations in 2022 and 2021 (See Consolidated Statement of Operations) |  | $ | (202,690 | ) |  | $ | (49,623 | )

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
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