2. Debt Financing

6 Months Ended

Jun. 30, 2020

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 €61,131 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, 2020:

												Fixed
										Conversion		Rate
Lender	1st-Issue		Principal		Duration			Interest		Price		EUR/USD
Price	Date		Amount		(Note)			Rate		(stated)		Conversion
Eardley Holding A.G. (1)		06/23/2006	€	169		(2	)		10% pa	$	0.10		N/A
Anglo Irish Bank S.A.(3)		10/21/2007	€	500		(2	)		10% pa	$	0.50		1.4090
Round Enterprises Ltd.		12/10/2007	€	1,500		(2	)		10% pa	$	0.50		1.4429
Round Enterprises Ltd.		01/22/2008	€	1,500		(2	)		10% pa	$	0.50		1.4629
Round Enterprises Ltd.		04/25/2008	€	2,000		(2	)		10% pa	$	0.50		1.5889
Round Enterprises Ltd.		06/30/2008	€	1,500		(2	)		10% pa	$	0.50		1.5380
Round Enterprises Ltd.		11/18/2008	€	1,200		(2	)		10% pa	$	0.50		1.2650
Round Enterprises Ltd.		02/09/2009	€	1,500		(2	)		10% pa	$	0.50		1.2940
Round Enterprises Ltd.		06/15/2009	€	5,500		(2,4	)		10% pa	$	0.80		1.4045
Eardley Holding A.G.		06/15/2009	€	100		(2,4	)		10% pa	$	0.80		1.4300
Von Meyenburg		08/03/2009	€	200		(2	)		10% pa	$	0.80		1.4400
Round Enterprises Ltd.		10/13/2009	€	2,000		(2	)		5% pa	$	0.25		1.4854
Round Enterprises Ltd.		12/18/2009	€	2,200		(2	)		5% pa	$	0.25		1.4338
Round Enterprises Ltd.		08/04/2011	€	1,068		(5,6	)		10% pa	$	0.034		N/A
Eardley Holding A.G.		08/04/2011	€	267		(5,6	)		10% pa	$	0.034		N/A
Round Enterprises Ltd.		11/08/2011	€	400		(6	)		10% pa	$	0.034		1.3787
Eardley Holding A.G.		11/08/2011	€	100		(6	)		10% pa	$	0.034		1.3787
Round Enterprises Ltd.		02/10/2012	€	1,000		(6	)		10% pa	$	0.034		1.3260
Eardley Holding A.G.		02/14/2012	€	200		(6	)		10% pa	$	0.034		1.3260
Round Enterprises Ltd.		04/19/2012	€	322		(6	)		10% pa	$	0.034		1.3100
Eardley Holding A.G.		04/19/2012	€	80		(6	)		10% pa	$	0.034		1.3100
Round Enterprises Ltd.		05/04/2012	€	480		(6	)		10% pa	$	0.034		1.3152
Eardley Holding A.G.		05/04/2012	€	120		(6	)		10% pa	$	0.034		1.3152
Round Enterprises Ltd.		09/03/2012	€	200		(6	)		10% pa	$	0.034		1.2576
Eardley Holding A.G.		09/03/2012	€	50		(6	)		10% pa	$	0.034		1.2576
Round Enterprises Ltd.		11/14/2012	€	500		(6	)		10% pa	$	0.034		1.2718
Eardley Holding A.G.		12/06/2012	€	125		(6	)		10% pa	$	0.034		1.3070
Round Enterprises Ltd.		01/16/2013	€	240		(6	)		10% pa	$	0.034		1.3318
Eardley Holding A.G.		01/16/2013	€	60		(6	)		10% pa	$	0.034		1.3318
Round Enterprises Ltd.		03/25/2013	€	400		(6	)		10% pa	$	0.037		1.2915
Eardley Holding A.G.		04/14/2013	€	150		(6	)		10% pa	$	0.034		1.3056
Round Enterprises Ltd.		04/14/2013	€	600		(6	)		10% pa	$	0.034		1.3056
Eardley Holding A.G.		05/15/2013	€	170		(6	)		10% pa	$	0.037		1.2938
Round Enterprises Ltd.		05/15/2013	€	680		(6	)		10% pa	$	0.037		1.2938
Eardley Holding A.G.		06/24/2013	€	60		(6	)		10% pa	$	0.025		1.3340
Round Enterprises Ltd.		06/24/2013	€	240		(6	)		10% pa	$	0.025		1.3340
Eardley Holding A.G.		08/05/2013	€	80		(6	)		10% pa	$	0.018		1.3283
Round Enterprises Ltd.		08/05/2013	€	320		(6	)		10% pa	$	0.018		1.3283
Eardley Holding A.G.		03/01/2017	€	230		(2	)		2.5% pa		N/A		N/A
Round Enterprises Ltd.		03/01/2017	€	920		(2	)		2.5% pa		N/A		N/A
Eardley Holding A.G.		10/18/2017	€	230		(2	)		2.5% pa		N/A		N/A
Round Enterprises Ltd.		10/18/2017	€	920		(2	)		2.5% pa		N/A		N/A
Eardley Holding A.G.		06/01/2018	€	160		(7	)		2.5% pa		N/A		N/A
Round Enterprises Ltd.		06/01/2018	€	640		(7	)		2.5% pa		N/A		N/A
Eardley Holding A.G.		11/10/2018	€	160		(7	)		2.5% pa		N/A		N/A
Round Enterprises Ltd.		11/10/2018	€	640		(7	)		2.5% pa		N/A		N/A
Eardley Holding A.G.		06/15/2018	€	120		(7	)		2.5% pa		N/A		N/A
Round Enterprises Ltd.		06/15/2018	€	480		(7	)		2.5% pa		N/A		N/A
Eardley Holding A.G.		06/15/2019	€	120		(8	)		2.5% pa		N/A		N/A
Round Enterprises Ltd.		06/15/2019	€	480		(8	)		2.5% pa		N/A		N/A
Eardley Holding A.G.		12/20/2019	€	120		(9	)		2.5% pa		N/A		N/A
Round Enterprises Ltd.		12/20/2019	€	480		(9	)		2.5% pa		N/A		N/A
Eardley Holding AG		06/15/2020	€	220		(10	)		2.5% pa		N/A		N/A
Round Enterprises Ltd.		06/15/2020	€	880		(10	)		2.5% pa		N/A		N/A
Total Short Term Principal Amounts			€	33,981
Accrued Interest			€	27,150
TOTAL LOANS AND NOTES			€	61,131

(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 at USD 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 at USD 1,200 and USD 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 USD 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 €1,280 and €320 in two tranches, respectively, with a 2.5% interest per annum. The first tranche of the promissory Notes of €640 and €160, respectively, were provided immediately. The second tranche of the promissory notes of €640 and €160, 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 later of (i) June 30, 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.

(8) On June 15, 2019, Round Enterprises Ltd. and Eardley Holding AG each provided a promissory Note of €480 and €120, respectively, 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 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.

(9) On December 20, 2019, Round Enterprises Ltd. and Eardley Holding AG each provided a promissory Note of €480 and €120, respectively, 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 later of (i) June 30, 2020, 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.

(10) On June 15, 2020, Round Enterprises Ltd. and Eardley Holding AG each provided a promissory Note of €880 and €220, respectively, 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 later of (i) September 30, 2020, 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.

On April 2, 2020, the Swiss entity, Mymetics SA, received a Federal credit line of Chf 168 (€158) in relation with the Covid-19. This credit line applies for five years and is fully guaranteed by the Swiss Confederation via guarantee organizations. The interest rate is currently at 0 percent until March 31, 2021. The Swiss Confederation has the right to adjust the interest rate to the market rate. The first revision will take place as of April 1, 2021.