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Convertible Notes Payable – Related Parties (Tables)
 6 Months Ended
Jun. 30, 2021
Related Party Transactions [Abstract]  
Schedule of Convertible Promissory Notes Issued

During the year ended December 31, 2020, the Company issued nine convertible promissory notes totaling $1,075,000 (the “2020 Notes”) as follows:

 

Amount   Dated  Conversion Rate 
         
$25,000(1)  01/02/20  $3.00 
           
 250,000(2)  01/23/20   3.00 
           
 300,000(1)  03/09/20   3.00 
           
 50,000(2)  05/01/20   3.00 
           
 50,000(2)  05/27/20   3.00 
           
 50,000(2)  05/27/20   3.00 
           
 100,000(3)  06/24/20   5.00 
           
 125,000(4)  09/11/20   5.00 
           
 125,000(4)  09/16/20   5.00 
           
$1,075,000         

 

1. Issued to a non-affiliate.
2. Issued to a Secured and Collateralized Lending LLC, an entity run by a consultant of the Company.
3. Issued to BBBY, Ltd, an LLC of which Byron Young, a Company Director, is a manager and a member.
4. Issued to Asia Pacific Partners Inc., an entity run by a consultant of the Company.
Schedule of Assumptions for Black-Scholes Valuation Model

 

               Market         
               Price         
Reporting  Relative   Term   Exercise   on Grant   Volatility   Risk-free 
Date  Fair Value   (Years)   Price   Date   Percentage   Rate 
05/10/2021  $1,026,300    5   $6.00   $4.27    299%   0.0080 
05/05/2021  $203,532    5   $6.00   $4.21    299%   0.0080 
05/19/2021  $62,033    5   $6.00   $4.30    312%   0.0089 
Schedule of Net Carrying Value

Net carrying value of the 2021 Notes at June 30 2021 is summarized as follows:

 

     
Principal balance at June 30, 2021  $3,150,000 
Unamortized Original issues discount   (111,184)
Unamortized Warrant discount and beneficial conversion feature   (1,033,988)
Carrying value of 202 Notes  $2,004,818 
Schedule of Convertible Promissory Notes

The following table sets forth a summary of the principal balances of the Company’s convertible promissory notes activity for the six months ended June 30, 2021 and year ended December 31, 2020:

 Schedule of Convertible Promissory Notes

Principal Balance, December 31, 2019  $300,000 
2020 Notes   1,075,000 
Conversions of Notes   (350,000)
Payments on Notes   (500,000)
Balance, December 31, 2020   525,000 
Conversions of Notes   (525,000)
2021 Notes   3,150,000 
Principal Balance, June 30, 2021  $3,150,000