XML 19 R8.htm IDEA: XBRL DOCUMENT v3.22.1
Transactions with Related Parties
12 Months Ended
Dec. 31, 2021
Transactions with Related Parties  
Transactions with Related Parties

Note 2. Transactions with Related Parties

 

Mr. Ernest M. Stern, the Company’s outside U.S. counsel, is both a director of the Company and is a partner in Culhane Meadows PLLC. Culhane Meadows PLLC is the Company’s legal counsel. Fees incurred with the law firm in the years ended December 31, 2021, and 2020, amounted to €28 and €34, respectively.

 

Two of the Company’s major shareholders have granted secured convertible notes, short term convertible notes and short-term promissory notes, which have a total carrying amount of €66,820, including interest due to date. Conversion prices on the Euro-denominated convertible debt have been fixed to a fixed Euro/US dollar exchange rate.

The details of these notes and other loans are as follows at December 31, 2021:

 

 

 

 

 

 

 

 

 

 

 

Fixed

 

 

Fixed

 

 

 

 

 

 

 

 

 

 

 

Conversion

 

 

Rate

 

Lender

 

1st-Issue

 

 

Principal

 

Duration

 

 

Interest

 

 

 

Price

 

 

EUR/USD

 

Price

 

Date

 

 

Amount

 

(Note)

 

 

Rate

 

 

 

(US$ stated)

 

 

Conversion

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Eardley Holding A.G. (1)

 

06/23/2006

 

 E

168

 

 

(2 )

 

10

% pa 

 

$

 

0.10

 

 

 

N/A

 

Anglo Irish Bank S.A.(3)

 

10/01/2007

 

 E

500

 

 

(2 )

 

10

% pa 

 

$

 

0.50

 

 

 

1.4090

 

Round Enterprises Ltd.

 

12/10/2007

 

 E

1,500

 

 

(2 )

 

10

% pa 

 

$

 

0.50

 

 

 

1.4429

 

Round Enterprises Ltd.

 

01/22/2008

 

 E

1,500

 

 

(2 )

 

10

% pa 

 

$

 

0.50

 

 

 

1.4629

 

Round Enterprises Ltd.

 

04/25/2008

 

 E

2,000

 

 

(2 )

 

10

% pa 

 

$

 

0.50

 

 

 

1.5889

 

Round Enterprises Ltd.

 

06/30/2008

 

 E

1,500

 

 

(2 )

 

10

% pa 

 

$

 

0.50

 

 

 

1.5380

 

Round Enterprises Ltd.

 

11/17/2008

 

 E

1,200

 

 

(2 )

 

10

% pa 

 

$

 

0.50

 

 

 

1.2650

 

Round Enterprises Ltd.

 

02/06/2009

 

 E

1,500

 

 

(2 )

 

10

% pa 

 

$

 

0.50

 

 

 

1.2940

 

Round Enterprises Ltd.

 

06/15/2009

 

 E

5,500

 

 

(2,4 )

 

10

% pa

 

$

 

0.80

 

 

 

1.4045

 

Eardley Holding A.G.

 

06/15/2009

 

 E

100

 

 

(2,4 )

 

10

% pa 

 

$

 

0.80

 

 

 

1.4300

 

Von Meyenburg

 

08/03/2009

 

 E

200

 

 

(2 )

 

10

% pa 

 

$

 

0.80

 

 

 

1.4400

 

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.

 

08/04/2011

 

 E

1,058

 

 

(5,6 )

 

10

% pa 

 

$

 

0.034

 

 

 

N/A

 

Eardley Holding A.G.

 

08/04/2011

 

 E

264

 

 

(5,6 )

 

10

% pa 

 

$

 

0.034

 

 

 

N/A

 

Round Enterprises Ltd.

 

11/08/2011

 

 E

400

 

 

(6 )

 

10

% pa 

 

$

 

0.034

 

 

 

1.3787

 

Eardley Holding A.G.

 

11/08/2011

 

 E

100

 

 

(6 )

 

10

% pa 

 

$

 

0.034

 

 

 

1.3787

 

Round Enterprises Ltd.

 

02/10/2012

 

 E

1,000

 

 

(6 )

 

10

% pa 

 

$

 

0.034

 

 

 

1.3260

 

Eardley Holding A.G.

 

02/14/2012

 

 E

200

 

 

(6 )

 

10

% pa 

 

$

 

0.034

 

 

 

1.3260

 

Round Enterprises Ltd.

 

04/19/2012

 

 E

322

 

 

(6 )

 

10

% pa 

 

$

 

0.034

 

 

 

1.3100

 

Eardley Holding A.G.

 

04/19/2012

 

 E

80

 

 

(6 )

 

10

% pa 

 

$

 

0.034

 

 

 

1.3100

 

Round Enterprises Ltd.

 

05/04/2012

 

 E

480

 

 

(6 )

 

10

% pa 

 

$

 

0.034

 

 

 

1.3152

 

Eardley Holding A.G.

 

05/04/2012

 

 E

120

 

 

(6 )

 

10

% pa 

 

$

 

0.034

 

 

 

1.3152

 

Round Enterprises Ltd.

 

09/03/2012

 

 E

200

 

 

(6 )

 

10

% pa 

 

$

 

0.034

 

 

 

1.2576

 

Eardley Holding A.G.

 

09/03/2012

 

 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.

 

12/06/2012

 

 E

125

 

 

(6 )

 

10

% pa 

 

$

 

0.034

 

 

 

1.3070

 

Round Enterprises Ltd.

 

01/16/2013

 

 E

240

 

 

(6 )

 

10

% pa 

 

$

 

0.034

 

 

 

1.3318

 

Eardley Holding A.G.

 

01/16/2013

 

 E

60

 

 

(6 )

 

10

% pa 

 

$

 

0.034

 

 

 

1.3318

 

Round Enterprises Ltd.

 

03/25/2013

 

 E

400

 

 

(6 )

 

10

% pa 

 

$

 

0.037

 

 

 

1.2915

 

Eardley Holding A.G.

 

04/14/2013

 

 E

150

 

 

(6 )

 

10

% pa

 

$

 

0.034

 

 

 

1.3056

 

Round Enterprises Ltd.

 

04/14/2013

 

 E

600

 

 

(6 )

 

10

% pa 

 

$

 

0.034

 

 

 

1.3056

 

Eardley Holding A.G.

 

05/15/2013

 

 E

170

 

 

(6 )

 

10

% pa 

 

$

 

0.037

 

 

 

1.2938

 

Round Enterprises Ltd.

 

05/15/2013

 

 E

680

 

 

(6 )

 

10

% pa 

 

$

 

0.037

 

 

 

1.2938

 

Eardley Holding A.G.

 

06/24/2013

 

 E

60

 

 

(6 )

 

10

% pa 

 

$

 

0.025

 

 

 

1.3340

 

Round Enterprises Ltd.

 

06/24/2013

 

 E

240

 

 

(6 )

 

10

% pa 

 

$

 

0.025

 

 

 

1.3340

 

Eardley Holding A.G.

 

08/05/2013

 

 E

80

 

 

(6 )

 

10

% pa 

 

$

 

0.018

 

 

 

1.3283

 

Round Enterprises Ltd.

 

08/05/2013

 

 E

320

 

 

(6 )

 

10

% pa 

 

$

 

0.018

 

 

 

1.3283

 

Eardley Holding A.G.

 

03/01/2017

 

 E

230

 

 

(7 )

 

2.5

% pa 

 

 

 

 

 

 

 

 

 

Round Enterprises Ltd.

 

03/01/2017

 

 E

920

 

 

(7 )

 

2.5

% pa 

 

 

 

 

 

 

 

 

 

Eardley Holding A.G.

 

10/18/2017

 

 E

230

 

 

(7 )

 

2.5

% pa 

 

 

 

 

 

 

 

 

 

Round Enterprises Ltd.

 

10/18/2017

 

 E

920

 

 

(7 )

 

2.5

% pa 

 

 

 

 

 

 

 

 

 

Eardley Holding A.G.

 

06/01/2018

 

 E

160

 

 

(8 )

 

2.5

% pa 

 

 

 

 

 

 

 

 

 

Round Enterprises Ltd.

 

06/01/2018

 

 E

640

 

 

(8 )

 

2.5

% pa 

 

 

 

 

 

 

 

 

 

Eardley Holding A.G.

 

11/10/2018

 

 E

160

 

 

(8 )

 

2.5

% pa 

 

 

 

 

 

 

 

 

 

Round Enterprises Ltd.

 

11/10/2018

 

 E

640

 

 

(8 )

 

2.5

% pa 

 

 

 

 

 

 

 

 

 

Eardley Holding A.G.

 

06/15/2019

 

 E

120

 

 

(9 )

 

2.5

% pa 

 

 

 

 

 

 

 

 

 

Round Enterprises Ltd.

 

06/15/2019

 

 E

480

 

 

(9 )

 

2.5

% pa 

 

 

 

 

 

 

 

 

 

Eardley Holding A.G.

 

12/20/2019

 

 E

120

 

 

(10 )

 

2.5

% pa 

 

 

 

 

 

 

 

 

 

Round Enterprises Ltd.

 

12/20/2019

 

 E

480

 

 

(10 )

 

2.5

% pa 

 

 

 

 

 

 

 

 

 

Eardley Holding A.G.

 

06/15/2020

 

 E

220

 

 

(11 )

 

2.5

% pa 

 

 

 

 

 

 

 

 

 

Round Enterprises Ltd.

 

06/15/2020

 

 E

880

 

 

(11 )

 

2.5

% pa 

 

 

 

 

 

 

 

 

 

Eardley Holding A.G.

 

12/15/2020

 

 E

170

 

 

(12 )

 

2.5

% pa 

 

 

 

 

 

 

 

 

 

Round Enterprises Ltd.

 

12/15/2020

 

 E

680

 

 

(12 )

 

2.5

% pa 

 

 

 

 

 

 

 

 

 

Eardley Holding A.G.

 

08/15/2021

 

 E

240

 

 

(13 )

 

2.5

% pa 

 

 

 

 

 

 

 

 

 

Round Enterprises Ltd.

 

08/15/2021

 

 E

960

 

 

(13 )

 

2.5

% pa 

 

 

 

 

 

 

 

 

 

Total Short Term Principal Amounts

 

 

 

 E

36,017

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Accrued Interest

 

 

 

 E

31,252

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL LOANS AND NOTES

 

 

 

 E

67,269

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(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 fixed conversion price using a fixed exchange rate which are noted in the table above. The convertible note holder has the right to convert at any time prior to the maturity date, at the convertible note holder’s option, prior to the repayment of the outstanding balance under the note by the Company, to convert the unpaid outstanding principal balance and accrued interest, in whole or in part, into common stock at the fixed conversion price as stated in the contract.

 

 

(7)

On March 1, 2017, Round Enterprises Ltd. and Eardley Holding AG each provided two promissory Notes for a total of €1,840 and €460, respectively, with a 2.5% interest per annum and a maturity date of March 1, 2018. The first 50% of the promissory Notes of €920 and €230, respectively, were provided immediately. The second 50% of the promissory notes of €920 and €230, respectively, were provided on October 18, 2017 with a 2.5% interest per annum and a maturity date of October 18, 2018. Both Round Enterprises Ltd. And Eardley Holding AG have agreed to amend the maturity date of these promissory notes to follow the same terms of the other convertible loans. Therefore, the maturity date of the promissory notes is amended to be the later of (i) June 30, 2018, 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. The amendments were accounted for as modifications in the consolidated financial statements.

 

 

(8)

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 terms 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.

 

 

(9)

On June 15, 2019, Round Enterprises Ltd. and Eardley Holding AG each provided promissory Notes for a total of €600 with a 2.5% interest per annum. The promissory Notes of €480 and €120, respectively, were provided immediately. The maturity date of these promissory notes to follow the same terms of other convertible loans and is the later of (i) December 31, 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 December 20, 2019, Round Enterprises Ltd. and Eardley Holding AG each provided promissory Notes for a total of €600 with a 2.5% interest per annum. The promissory Notes of €480 and €120, respectively, were provided immediately. The maturity date of these promissory notes to follow the same terms 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.

 

 

(11)

On June 15, 2020, Round Enterprises Ltd. and Eardley Holding AG each provided promissory Notes for a total of €1,100 with a 2.5% interest per annum. The promissory Notes of €880 and €220, respectively, were provided immediately. The maturity date of these promissory notes to follow the same terms 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.

 

 

(12)

On December 15, 2020, Round Enterprises Ltd. and Eardley Holding AG each provided promissory Notes for a total of €850 with a 2.5% interest per annum. The promissory Notes of €680 and €170, respectively, were provided immediately. The maturity date of these promissory notes to follow the same terms of other convertible loans and is the later of (i) March 31, 2021, 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.

 

 

(13)

On August 15, 2021, Round Enterprises Ltd. and Eardley Holding AG each provided promissory Notes for a total of €1,200 with a 2.5% interest per annum. The promissory Notes of €960 and €240, respectively, were provided immediately. The maturity date of these promissory notes to follow the same terms of other convertible loans and is the later of (i) December 31, 2021, 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 (€156) in relation with the Covid-19 pandemic. This credit line applies for five years and is fully guaranteed by the Swiss Confederation via guaranteed 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 took place as of April 1, 2021, but no modification was applied.

 

Certain of the secured convertible notes have conversion features that should be bifurcated from the debt and recorded at fair value; however, as of December 31, 2021, and 2020, the probability of the conversion features being exercised was zero. For this reason, the conversion features is not required to be bifurcated from the debt as the fair value is zero at December 31, 2021 and 2020.