Annual report pursuant to Section 13 and 15(d)

DEBT, COMMITMENTS AND CONTINGENCIES (Tables)

v3.22.0.1
DEBT, COMMITMENTS AND CONTINGENCIES (Tables)
 12 Months Ended
Dec. 31, 2021
Debt Commitments And Contingencies  
SCHEDULE OF DEBT

Debt consists of the following:

 SCHEDULE OF DEBT

    Maturity   Interest     December 31,     December 31,  
    Date   Rate     2021     2020  
                       
Convertible Note   11/15/2026      1 %   $ 747,500,000     $              -  
Less: debt discount                 19,094,078       -  
Total convertible notes, net of discount               $ 728,405,922     $ -  
                             
Total               $ 728,405,922     $ -  
Less: current portion                 -       -  
Long term portion               $ 728,405,922     $ -  
SCHEDULE OF COMPONENTS OF LEASE COST

Operation lease costs are recorded on a straight-line basis within operating expenses. The Company’s total lease expense is comprised of the following:

 

             
    For the Year Ended  
    December 31, 2021     December 31, 2020  
Operating leases                
Operating lease cost   $ -     $ 106,727  
Operating lease expense     -       106,727  
Short-term lease rent expense     31,104       26,363  
Total rent expense   $ 31,104     $ 133,090  
SUMMARY OF MINIMUM LEASE PAYMENTS

Additional information regarding the Company’s leasing activities as a lessee is as follow:

 SUMMARY OF MINIMUM LEASE PAYMENTS

             
    For the Year Ended  
    December 31, 2021     December 31, 2020  
Operating cash flows from operating leases   $ -     $ 96,908  
Weighted-average remaining lease term – operating leases     -       0.3  
Weighted-average discount rate – operating leases        0.0 %     6.5 %
                 
2021     -     126,783  
2022     -     -  
Total     -     126,783  
Less present value discount     -     (5,187 )
Less current portion of operating lease liabilities     -     (121,596 )
Non-current operating lease liabilities   $ -   $ -