9. DERIVATIVE LIABILITIES

The derivative liabilities at December 31, 2020 consisted of a True-Up Payment provision of the Series 2 Preferred Stock (See Note 8). The True-Up payment was valued at June 30, 2021 and was determined to have a value of $66,136 based on the instruments known settlement value. The liability was subsequently settled in July 2021 for the $66,136.

The table presented below is a summary of changes in the fair market value of the Company’s Level 3 valuations for the six months ended June 30, 2021.

SUMMARY OF CHANGES IN FAIR VALUE DERIVATIVE LIABILITIES