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CONVERTIBLE BONDS PAYABLE (Tables)

12 Months Ended

Dec. 31, 2020

Debt Disclosure [Abstract]

Schedule of convertible debt

At December 31, 2020 and 2019, convertible debt consisted of the following:

		December 31,				December 31,
		2020				2019
Principal		$	739,189				-
Unamortized discount			-				-
Convertible dete, net		$	739,189				-

Schedule of assumption used

Warrant activities for the year ended December 31, 2020 are summarized as follows:

		2020
Divident rate			-
Term (in years)			1.29	years
Volatility			98	%
Risk – free interest rate			15	%

Schedule of warrant activities

														Weighted
														Average
		Averagate								Weighted				Remaining
		Intrinsic				Number of				Average				Contractual
		Value				Warrants				Exercise Price				Term(Years)
Balance Outstanding December 31, 2019			-				-				-				-
Granted			784,000			$	1.25				1.29				-
Cancelled			-				-				-				-
Balance Outstanding December 31, 2020			784,000			$	1.25				1.29				-

X

- Definition

Tabular disclosure of borrowings which can be exchanged for a specified number of another security at the option of the issuer or the holder. Disclosures include, but are not limited to, principal amount, amortized premium or discount, and amount of liability and equity components.

+ References

No definition available.

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- References

No definition available.

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X

- Definition

Tabular disclosure of assumption used to determine benefit obligation and net periodic benefit cost of defined benefit plan. Includes, but is not limited to, discount rate, rate of compensation increase, expected long-term rate of return on plan assets and interest crediting rate.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (k)
-URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920

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- Definition

Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5047-113901

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 50
-Section S99
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6784392&loc=d3e188667-122775

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