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Loans Payable | 6 Months Ended
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Jun. 30, 2021
Loans Payable [Abstract] |
LOANS PAYABLE | NOTE 6 - LOANS PAYABLE Loans Payable The following table summarized the activity of loans payable during the six months ended June 30, 2021:
|  | Principal Balance at December 31, 2020 |  |  | Repayments |  |  | Effect of Foreign Exchange Rates |  |  | Principal Balance at June 30, 2021 |
Kingsbrook |  | $ | 150,000 |  |  | $ | (150,000 | ) |  | $ | - |  |  | $ | - |
Paycheck Protection Program |  |  | 53,051 |  |  |  | - |  |  |  | - |  |  |  | 53,051 |
Bounce back loan scheme |  |  | 68,245 |  |  |  | - |  |  |  | 928 |  |  |  | 69,173 |
Other loans payable |  |  | 810,913 |  |  |  | (437,065 | ) |  |  | - |  |  |  | 373,849 |
Total loans payable |  |  | 1,082,209 |  |  |  | (587,065 | ) |  |  | 928 |  |  |  | 496,073 |
Less: loans payable - current portion |  |  | 968,446 |  |  |  | (362,151 | ) |  |  | - |  |  |  | 426,051 |
Loans payable - non-current portion |  | $ | 113,763 |  |  | $ | (224,914 | ) |  | $ | 928 |  |  | $ | 70,022 |
On March 3, 2021, the Company repaid the Kingsbrook Opportunities Master Fund LP (“Kingsbrook”) loans payable in cash for an aggregate of $166,313, which included the principal amount of $150,000 and accrued interest of $16,313. During the six months ended June 30, 2021, the Company paid an aggregate of $437,065 in partial satisfaction of other loans payable. On May 19, 2021, the Company applied for loan forgiveness for the amount of $53,051 in connection with amounts borrowed by Katexco under the Paycheck Protection Program. The result of the application has not yet been determined. Loans Payable – Related Parties The below table summarizes the activity of loans payable – related parties during the six months ended June 30, 2021:
|  | Principal Balance at December 31, 2020 |  |  | Effect of Foreign Exchange Rates |  |  | Principal Balance at June 30, 2021 |
Loans payable issued between |  |  |  |  |  |  |  |  |
September 18, 2019 through November 4, 2020 |  | $ | 513,082 |  |  | $ | 1,778 |  |  | $ | 514,860 |
On February 10, 2021, the Company entered into amended loan agreements to modify the terms of certain loan agreements in the aggregate principal amount of $432,699, previously entered into with Sir Marc Feldmann and Dr. Lawrence Steinman, the Co-Executive Chairmen of the Board of Directors. The loan agreements were extended and modified to be paid back at the Company’s discretion, either by 1) repayment in cash, or 2) by converting the outstanding amounts into shares of common stock at the same price per share as the next financing transaction. Subsequently, on February 25, 2021, and effective as of the date of the original February 10, 2021 amendments, the Company determined that such amendments were entered into in error and each of Sir Feldmann and Dr. Steinman rescinded such February 10, 2021 amendments pursuant to their entry into Confirmations of Rescission acknowledgements. As such, the outstanding notes are not convertible into shares of common stock. On April 12, 2021, the Company entered into amended loan agreements with Sir Marc Feldmann and Dr. Lawrence Steinman, the Co-Executive Chairman of the Board of Directors, which extended the date of all of their outstanding loan agreements to September 30, 2021 Interest Expense on Loans Payable During the three months ended June 30, 2021 and 2020, the Company recognized interest expense associated with loans payable of $9,926 and $2,454, respectively, and interest expense associated with loans payable – related parties of $10,228 and $8,423, respectively. During the six months ended June 30, 2021 and 2020, the Company recognized interest expense associated with loans payable of $18,183 and $34,859, respectively, and recognized interest expense associated with loans payable – related parties of $20,331 and $14,791, respectively. As of June 30, 2021, the Company had accrued interest and accrued interest — related parties associated with loans payable of $20,286 and $58,263, respectively. As of December 31, 2020, the Company had accrued interest and accrued interest — related parties associated with loans of $24,824 and $37,539, respectively. See Note 10 — Related Parties for additional details.

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