CONVERTIBLE DEBENTURE PAYABLE (Details Narrative) - USD ($) |
6 Months Ended | 12 Months Ended | |
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Jun. 30, 2022 |
Jun. 30, 2021 |
Dec. 31, 2021 |
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INTANGIBLE ASSETS | |||
Debt face amount | $ 3,048,781 | ||
Debenture conversion description | The Debenture was convertible voluntarily by the Purchaser at any time into shares of our common stock, at the lesser of $7.50, representing 100% of the closing price of our common stock on the trading day immediately prior to the Closing Date, or 75% of the average VWAP of our common stock during the 5 trading day period immediately prior to the conversion date (the “Conversion Price”), or automatically upon the occurrence of a single public offering of our common stock which results in the listing of our common stock on a national securities exchange as defined in the Exchange Act (the “Qualified Offering”) into shares of our common stock at the lesser of the Conversion Price, or 75% of the offering price of the securities offered in the Qualified Offering | ||
Proceeds from financing transition | $ 2,500,000 | ||
OID percentage | 18.00% | ||
Exercise price | $ 6 | ||
Adjusted exercise price | $ 3 | ||
Partial liquidated damages description | Company shall pay to the Purchaser as partial liquidated damages equal to the product of 2% of the principal amount not to exceed 24% of the aggregate principal. If the Company fails to pay of the liquidated damages within seven days after the date payable, the Company will pay interest at 18% until such amounts are paid in full | ||
Unamortized discount and issuance costs | $ 423,782 | $ 423,782 | |
Conversion feature debt discount | $ 980,000 | ||
Outstanding warrants | 508,130 | ||
Fair market value of stock warrants | $ 864,000 | $ 864,000 | |
Unamortized discount | 0 | 402,465 | |
Interest expense related to debt issuance costs | 5,405 | 5,405 | |
Interest expense | 465,635 | $ 465,635 | |
Gain on extinguishment | $ 1,109,105 | ||
Outstanding principal amount of debenture, percentage | 130.00% | ||
Accrued and unpaid interest, percentage | 100.00% | ||
Default penalties included in general and administrative expense | $ 914,634 | ||
Warrant to purchase additional shares of common stock | 101,626 | ||
Warrant to purchase additional shares of common stock, expiry date | Mar. 29, 2029 | ||
Debt discount amortization expense | $ 465,635 | $ 465,635 | |
Original Issue Discount | 548,781 | ||
Debt issuance costs | 275,000 | ||
Unpaid damages and estimated related costs | $ 195,000 |
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- Definition The amount of the original debt being converted in a noncash (or part noncash) transaction. "Part noncash" refers to that portion of the transaction not resulting in cash receipts or cash payments in the period. No definition available.
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- Definition Amount of noncash expense included in interest expense to amortize debt discount and premium associated with the related debt instruments. Excludes amortization of financing costs. Alternate captions include noncash interest expense. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Number of securities into which the class of warrant or right may be converted. For example, but not limited to, 500,000 warrants may be converted into 1,000,000 shares. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Incremental percentage increase (decrease) in the stated rate on a debt instrument. No definition available.
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- Definition Percentage price of original principal amount of debt at which debt can be redeemed by the issuer. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Interest and debt related expenses associated with nonoperating financing activities of the entity. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of the cost of borrowed funds accounted for as interest expense for debt. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of selling, general and administrative expense classified as other. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The cash outflow paid to third parties in connection with debt origination, which will be amortized over the remaining maturity period of the associated long-term debt. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Change in the weighted average exercise price of options outstanding. No definition available.
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