| SCHEDULE OF LIABILITIES MEASURED AT FAIR VALUE |
The
following tables set forth the Company’s unaudited financial assets and liabilities measured at fair value by level within
the fair value hierarchy as of September 30, 2021 and December 31, 2020. Assets and liabilities are classified in their entirety
based on the lowest level of input that is significant to the fair value measurement.
SCHEDULE OF LIABILITIES MEASURED AT FAIR VALUE
| |
|
Total |
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
| Convertible Bridge Notes |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
| Fair value as of September 30, 2021 |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
| |
|
Total |
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
| Convertible Bridge Notes |
|
$ |
3,598,000 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
3,598,000 |
|
| Fair value as of December 31, 2020 |
|
$ |
3,598,000 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
3,598,000 |
|
|
SCHEDULE OF LIABILITIES MEASURED AT FAIR VALUE
| |
|
Fair
value at |
|
|
|
|
|
|
|
|
|
|
| |
|
December
31, 2020 |
|
|
Level
1 |
|
|
Level
2 |
|
|
Level
3 |
|
| Convertible
Bridge Notes |
|
$ |
3,598,000 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
| Total |
|
$ |
3,598,000 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
| |
|
Fair
value at |
|
|
|
|
|
|
|
|
|
|
| |
|
December
31, 2019 |
|
|
Level
1 |
|
|
Level
2 |
|
|
Level
3 |
|
| Convertible
Bridge Notes |
|
$ |
2,473,000 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
2,473,000 |
|
| Total |
|
$ |
2,473,000 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
2,473,000 |
|
|
| SCHEDULE OF RECONCILIATION OF LEVEL 3 CONVERSION OPTION LIABILITY |
The
following tables present a reconciliation of the beginning and ending balances of items measured at fair value on a recurring basis that
use significant unobservable inputs (Level 3) that has been recorded in the condensed consolidated balance sheets which
is as follows:
SCHEDULE OF RECONCILIATION OF LEVEL 3 CONVERSION OPTION LIABILITY
| Fair value, December 31, 2020 |
|
$ |
3,598,000 |
|
| Accrued interest |
|
|
35,983 |
|
| Conversion to shares of common stock |
|
|
(3,633,983 |
) |
| Fair value, September 30, 2021 |
|
$ |
- |
|
|
SCHEDULE OF RECONCILIATION OF LEVEL 3 CONVERSION OPTION LIABILITY
| |
|
Year
Ended December 31, 2020 |
|
| Fair value, December 31,
2019 |
|
$ |
2,473,000 |
|
| Accrued interest |
|
|
485,336 |
|
| Conversions of debt and accrued interest to
shares of common stock |
|
|
(2,530,572 |
) |
| Amortization of debt issuance costs |
|
|
- |
|
| Net unrealized loss on convertible bridge
notes |
|
|
3,170,236 |
|
| Fair value, December 31, 2020 |
|
$ |
3,598,000 |
|
| |
|
Year
Ended December
31, 2019
|
|
| Fair value, December 31, 2018 |
|
$ |
2,960,000 |
|
| Issuances of debt |
|
|
30,000 |
|
| Accrued interest |
|
|
535,877 |
|
| Amortization of debt issuance costs |
|
|
5,000 |
|
| Net unrealized
gain on convertible bridge notes |
|
|
(1,057,877 |
) |
| Fair value, December 31, 2019 |
|
$ |
2,473,000 |
|
|