ASSET PURCHASE (Details Narrative) - USD ($) |
3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|---|
Jun. 05, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
Dec. 31, 2020 |
Dec. 31, 2019 |
May 31, 2021 |
Mar. 31, 2021 |
|
Market price of shares | $ 27,120,000 | ||||||||
Liability required | $ 125,000 | $ 125,000 | $ 125,000 | $ 158,000 | |||||
Exercise price per share | $ 0.50 | $ 0.50 | |||||||
Assets purchase upon shares issued | 29,222,955 | 1,407,051 | 1,407,051 | 1,407,051 | |||||
Assets purchase upon shares issued, shares | 12,000,000 | ||||||||
Common stock issuable upon exercise of warrant, shares | 320,000 | 320,000 | |||||||
Asset impairment loss | $ 0 | $ 25,320,555 | $ 0 | $ 25,320,555 | $ 25,320,555 | $ 0 | |||
Fair value of warrants issued | $ 695,454 | $ 695,454 | $ 695,454 | ||||||
Description of fair value of assets evaluation | The Company evaluated the fair value of the assets acquired based on market estimates for property and equipment and discounted net cash flow for the SOBR Safe intellectual technology. The present value of the discounted cash flow utilized a 75% discount, which included a 25% risk return premium, over an estimated five-year net revenue stream expected to be derived from the technology acquired. | the Company evaluated the fair value of the assets acquired based on market estimates for property and equipment and discounted net cash flow for the SOBR Safe intellectual technology. The present value of the discounted cash flow utilized a 75% discount, which included a 25% risk return premium, over an estimated five-year net revenue stream expected to be derived from the technology acquired. | |||||||
Convertible Notes Payable | $ 225,000 | $ 275,000 | |||||||
Asset Purchase Agreement [Member] | IDTEC [Member] | |||||||||
Common stock, shares issued upon assets purchase | 12,000,000 | 12,000,000 | 12,000,000 | ||||||
Convertible notes, conversion price | $ 0.50 | $ 0.50 | $ 0.50 | ||||||
Interest rate | 10.00% | 10.00% | |||||||
Convertible Notes Payable | $ 1,485,189 | $ 1,485,189 | $ 1,485,189 | ||||||
Agreement Description | i) The Company had to be current inreporting requirements under the Securities Exchange Act of 1934, as amended, (ii) had to complete a reverse stock split of common stock such that approximately 8,000,000 shares were outstanding immediately prior to closing the transaction, (iii) could only have outstanding convertible instruments as set forth in the APA, (iv) authorized common stock had to be reduced to 100,000,000 shares, and (v) not have more than approximately $125,000 in current liabilities. |