CONVERTIBLE DEBENTURE PAYABLE (Details Narrative) - USD ($) |
6 Months Ended | 12 Months Ended | |
---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Dec. 31, 2021 |
|
INTANGIBLE ASSETS | |||
Warrants Issued To Purchase Common Shares | 406,504 | ||
Debt face amount | $ 3,048,781 | $ 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 | The Debenture is 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 | $ 2,500,000 | |
OID percentage | 18.00% | 18.00% | |
Exercise price | $ 6 | $ 9.00 | |
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 | the 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 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 | $ 980,000 | |
Outstanding warrants | 508,130 | 1,219,512 | |
Fair market value of stock warrants | $ 864,000 | $ 864,000 | $ 847,048 |
Unamortized discount | 0 | 402,465 | |
Interest expense related to debt issuance costs | 5,405 | 5,405 | |
Interest expense | 465,635 | 444,583 | |
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 | |
Amortization Of Interest | 514,365 | ||
Original Issue Discount | 548,781 | 548,781 | |
Debt issuance costs | 275,000 | 275,000 | |
Unpaid damages and estimated related costs | $ 195,000 | 189,700 | |
Interest Expense Related To The Original Issue Discount And Debt Issuance Costs | $ 399,999 |