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2. Debt Financing
 6 Months Ended
Jun. 30, 2019
Debt Disclosure [Abstract]  
Debt Financing

Certain principal shareholders have granted the Company secured convertible notes (in accordance with the Uniform Commercial Code in the State of Delaware), short term convertible notes and other short term notes, which have a total carrying value of E56,708 including interest due to date. Interest incurred on these notes since inception has been added to the principal amounts.

 

   The details of the convertible notes and loans are as follows at June 30, 2019: 

 

                                               
                                            Fixed
                                    Conversion     Rate
Lender   1st-Issue     Principal     Duration   Interest     Price     EUR/USD
Price   Date     Amount     (Note)   Rate     (stated)     Conversion
                                               
Eardley Holding A.G. (1)   6/23/2006     E 167       (2 )   10% pa       $ 0.10       N/A
                                                
Anglo Irish Bank S.A.(3)   10/21/2007     E 500       (2 )   10% pa       $ 0.50       1.409
                                                
Round Enterprises Ltd.   12/10/2007     E 1,500       (2 )   10% pa       $ 0.50       1.4429
                                                
Round Enterprises Ltd.   1/22/2008     E 1,500       (2 )   10% pa       $ 0.50       1.4629
                                                
Round Enterprises Ltd.   4/25/2008     E 2,000       (2 )   10% pa       $ 0.50       1.5889
                                                
Round Enterprises Ltd.   6/30/2008     E 1,500       (2 )   10% pa       $ 0.50       1.538
                                                
Round Enterprises Ltd.   11/18/2008     E 1,200       (2 )   10% pa       $ 0.50       1.265
                                                
Round Enterprises Ltd.   2/9/2009     E 1,500       (2 )   10% pa       $ 0.50       1.294
                                                
Round Enterprises Ltd.   6/15/2009     E 5,500       (2,4 )   10% pa       $ 0.80       1.4045
                                                
Eardley Holding A.G.   6/15/2009     E 100       (2,4 )   10% pa       $ 0.80       1.43
                                                
Von Meyenburg   8/3/2009     E 200       (2 )   10% pa       $ 0.80       1.44
                                                
Round Enterprises Ltd.   10/13/2009     E 2,000       (2 )   5% pa       $ 0.25       1.4854
                                                
Round Enterprises Ltd.   12/18/2009     E 2,200       (2 )   5% pa       $ 0.25       1.4338
                                                
Round Enterprises Ltd.   8/4/2011     E 1,055       (5,6 )   10% pa       $ 0.034       N/A
                                                
Eardley Holding A.G.   8/4/2011     E 264       (5,6 )   10% pa       $ 0.034       N/A
                                                
Round Enterprises Ltd.   11/8/2011     E 400       (6 )   10% pa       $ 0.034       1.3787
                                                
Eardley Holding A.G.   11/8/2011     E 100       (6 )   10% pa       $ 0.034       1.3787
                                                
Round Enterprises Ltd.   2/10/2012     E 1,000       (6 )   10% pa       $ 0.034       1.326
                                                
Eardley Holding A.G.   2/14/2012     E 200       (6 )   10% pa       $ 0.034       1.326
                                                
Round Enterprises Ltd.   4/19/2012     E 322       (6 )   10% pa       $ 0.034       1.31
                                                
Eardley Holding A.G.   4/19/2012     E 80       (6 )   10% pa       $ 0.034       1.31
                                                
Round Enterprises Ltd.   5/4/2012     E 480       (6 )   10% pa       $ 0.034       1.3152
                                                
Eardley Holding A.G.   5/4/2012     E 120       (6 )   10% pa       $ 0.034       1.3152
                                                
Round Enterprises Ltd.   9/3/2012     E 200       (6 )   10% pa       $ 0.034       1.2576
                                                
Eardley Holding A.G.   9/3/2012     E 50       (6 )   10% pa       $ 0.034       1.2576
                                                
Round Enterprises Ltd.   11/14/2012     E 500       (6 )   10% pa       $ 0.034       1.2718
                                                
Eardley Holding A.G.   12/6/2012     E 125       (6 )   10% pa       $ 0.034       1.307
                                                
Round Enterprises Ltd.   1/16/2013     E 240       (6 )   10% pa       $ 0.034       1.3318
                                                
Eardley Holding A.G.   1/16/2013     E 60       (6 )   10% pa       $ 0.034       1.3318
                                                
Round Enterprises Ltd.   3/25/2013     E 400       (6 )   10% pa       $ 0.037       1.2915
                                                
Eardley Holding A.G.   4/14/2013     E 150       (6 )   10% pa       $ 0.034       1.3056
                                                
Round Enterprises Ltd.   4/14/2013     E 600       (6 )   10% pa       $ 0.034       1.3056
                                                
Eardley Holding A.G.   5/15/2013     E 170       (6 )   10% pa       $ 0.037       1.2938
                                                
Round Enterprises Ltd.   5/15/2013     E 680       (6 )   10% pa       $ 0.037       1.2938
                                                
Eardley Holding A.G.   6/24/2013     E 60       (6 )   10% pa       $ 0.025       1.334
                                                
Round Enterprises Ltd.   6/24/2013     E 240       (6 )   10% pa       $ 0.025       1.334
                                                
Eardley Holding A.G.   8/5/2013     E 80       (6 )   10% pa       $ 0.018       1.3283
                                                
Round Enterprises Ltd.   8/5/2013     E 320       (6 )   10% pa       $ 0.018       1.3283
                                                
Eardley Holding A.G.   3/1/2017     E 230       (2 )   2.5% pa         N/A       N/A
                                                
Round Enterprises Ltd.   3/1/2017     E 920       (2 )   2.5% pa         N/A       N/A
                                                
Eardley Holding A.G.   10/18/2017     E 230       (2 )   2.5% pa         N/A       N/A
                                                
Round Enterprises Ltd.   10/18/2017     E 920       (2 )   2.5% pa         N/A       N/A
                                                
Eardley Holding A.G.   6/1/2018     E 160       (7 )   2.5% pa         N/A       N/A
                                                
Round Enterprises Ltd.   6/1/2018     E 640       (7 )   2.5% pa         N/A       N/A
                                                
Eardley Holding A.G.   11/10/2018     E 160       (7 )   2.5% pa         N/A       N/A
                                                
Round Enterprises Ltd.   11/10/2018     E 640       (7 )   2.5% pa         N/A       N/A
                                                
Eardley Holding A.G.   6/15/2018     E 120       (8 )   2.5% pa         N/A       N/A
                                                
Round Enterprises Ltd.   6/15/2018     E 480       (8 )   2.5% pa         N/A       N/A
                                               
Total Short Term Principal Amounts       E 32,263                                
   Accrued Interest         E 24,445                                
TOTAL LOANS AND NOTES       E 56,708                                

 

 

(1) Private investment company of Dr. Thomas Staehelin, member of the Board of Directors and of the Audit Committee of the Company. Face value is stated in U.S. dollars at $190.

 

(2) This maturity date is automatically prolonged for periods of three months, unless called for repayment.

 

(3) Renamed Hyposwiss Private Bank Genève S.A. and acting on behalf of Round Enterprises Ltd. which is a major shareholder.

 

(4) The loan is secured against 2/3rds of the IP assets of Bestewil Holding BV and against all property of the Company.

 

(5) The face values of the loans are stated in U.S. dollars at $1,200 and $300, respectively.

 

(6) This maturity date is automatically prolonged for periods of three months, unless called for repayment. The conversion price per share is determined by the lower of (i) reducing by 10% the price per share of the Company’s common stock paid by the investors in connection with an investment in the Company of not less than US$20,000, or (ii) at the stated conversion price using a fixed exchange rate which are noted in the table above.

 

(7) On June 1, 2018, Round Enterprises Ltd. and Eardley Holding AG each provided two promissory Notes for a total of E1,280 and E320 in two tranches, respectively, with a 2.5% interest per annum. The first tranche of the promissory Notes of E640 and E160, respectively, were provided immediately. The second tranche of the promissory notes of E640 and E160, respectively, were provided on November 10, 2018 with a 2.5% interest per annum. The maturity date of these promissory notes to follow the same principle of other convertible loans and is the end of a calendar quarter in which the Company receives a written request from the lender for repayment of the unpaid principal and accrued interest due under the Notes.

 

(8) On June 15, 2019, Round Enterprises Ltd. and Eardley Holding AG each provided a promissory Note for a total of E600, with a 2.5% interest per annum. The promissory Notes of E480 and E120, respectively, were provided immediately. The maturity date of these promissory notes to follow the same principle of other convertible loans and is the later of (i) December, 31, 2019, or (ii) the end of a subsequent calendar quarter in which the Company receives a written request from the lender for repayment of the unpaid principal and accrued interest due under the Notes.