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Loans Payable | 9 Months Ended
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Sep. 30, 2021
Loans Payable [Abstract] |
LOANS PAYABLE | NOTE 6 - LOANS PAYABLE Loans Payable The following table summarizes the activity of loans payable during the nine months ended September 30, 2021:
|  | Principal Balance at December 31, 2020 |  |  | Forgiveness |  |  | Principal Repaid in Cash |  |  | Adjustment |  |  | Effect of Foreign Exchange Rates |  |  | Principal Balance at September 30, 2021 |
Kingsbrook |  | $ | 150,000 |  |  | $ | - |  |  | $ | (150,000 | ) |  | $ | - |  |  | $ | - |  |  | $ | - |
Paycheck Protection Program |  |  | 53,051 |  |  |  | (9,670 | ) |  |  | - |  |  |  | (2,000 | ) |  |  | - |  |  |  | 41,381 |
Bounce Back Loan Scheme |  |  | 68,245 |  |  |  | - |  |  |  | (3,168 | ) |  |  | - |  |  |  | (954 | ) |  |  | 64,123 |
First Assurance Funding |  |  | 655,593 |  |  |  | - |  |  |  | (585,031 | ) |  |  | - |  |  |  | - |  |  |  | 70,562 |
Other loans payable |  |  | 155,320 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 155,320 |
Total loans payable |  |  | 1,082,209 |  |  | $ | (9,670 | ) |  | $ | (738,199 | ) |  | $ | (2,000 | ) |  | $ | (954 | ) |  |  | 331,386 |
Less: loans payable - current portion |  |  | 968,446 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 279,290 |
Loans payable - non-current portion |  | $ | 113,763 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 52,096 |
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 nine months ended September 30, 2021, the Company paid an aggregate of $585,031 and $3,168 in partial satisfaction of the First Assurance Funding and the Bounce Back Loan Scheme, respectively. On May 19, 2021, the Company applied for loan forgiveness for the amount of $51,051 in connection with amounts borrowed by Katexco under the Paycheck Protection Program. On August 5, 2021, the Company was notified that $9,670 was forgiven in connection with the PPP loan. The Company is in the process of filing an appeal for the remainder of the balance. On September 30, 2021, the Company adjusted a portion of the PPP loan of $2,000 to other income since that was a grant that was given to 180LS by the government and it does not need to be repaid. Loans Payable – Related Parties The below table summarizes the activities of loans payable – related parties during the nine months ended September 30, 2021:
|  | Principal Balance at December 31, 2020 |  |  | Principal Exchanged into Common Stock |  |  | Effect of Foreign Exchange Rates |  |  | Principal Balance at September 30, 2021 |
Loans payable issued between |  |  |  |  |  |  |  |  |  |  |  |
September 18, 2019 through November 4, 2020 |  | $ | 513,082 |  |  | $ | (433,374 | ) |  | $ | 1,536 |  |  | $ | 81,244 |
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 amendments to allow Sir Feldmann and Dr. Steinman the option to convert such loans into shares of common stock were never effective. 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 maturity date of all of their outstanding loan agreements to September 30, 2021. Exchanges of Related Party Loans On September 30, 2021, certain related party noteholders elected to exchange an aggregate principal of $433,374 and aggregate accrued interest of $61,530 into an aggregate of 82,484 shares of the Company’s common stock at a price of $6.00 per share, pursuant to the terms of the agreement. (see Note 9 - Stockholders’ Equity, Exchanges of Related Party Loans and Convertible Notes) Interest Expense on Loans Payable During the three months ended September 30, 2021 and 2020, the Company recognized interest expense associated with loans payable of $2,315 and $5,724, respectively, and interest expense associated with loans payable – related parties of $10,566 and $9,402, respectively. During the nine months ended September 30, 2021 and 2020, the Company recognized interest expense associated with loans payable of $20,498 and $40,583, respectively, and recognized interest expense associated with loans payable – related parties of $30,898 and $24,193, respectively. As of September 30, 2021, the Company had accrued interest and accrued interest — related parties associated with loans payable of $22,453 and $10,719, 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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