Quarterly report pursuant to Section 13 or 15(d)

DERIVATIVE LIABILITIES

v3.21.2
DERIVATIVE LIABILITIES
9 Months Ended
Sep. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
DERIVATIVE LIABILITIES

10. DERIVATIVE LIABILITIES

 

The derivative liabilities at December 31, 2020 consisted of a True-Up Payment provision of the Series 2 Preferred Stock (See Note 9). The True-Up payment was settled in July 2021 with a cash payment of $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 nine months ended September 30, 2021.

 

    True-Up Payment  
Balance at December 31, 2020   $ 184,800  
Change in fair value during the period     (118,664 )
Settlement of derivative liability     (66,136 )
Balance at September 30, 2021   $