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3. NOTES PAYABLE
 12 Months Ended
Dec. 31, 2020
Notes Payable [Abstract]  
NOTES PAYABLE

Convertible Notes Payable – Related Party

 

As part of the Cellerate Acquisition, the Company issued a 30-month convertible promissory note to CGI Cellerate RX, LLC (“CGI Cellerate RX”), an affiliate of The Catalyst Group, Inc. (“Catalyst”), in the principal amount of $1,500,000, bearing interest at a 5% annual interest rate, compounded quarterly. Interest on the promissory note was payable quarterly but could have been deferred at the Company’s election to the maturity of the promissory note. Outstanding principal and interest were convertible at CGI Cellerate RX’s option into shares of the Company’s common stock at a conversion price of $9.00 per share.

 

On February 7, 2020, CGI Cellerate RX converted its $1,500,000 promissory note, including accrued interest of $111,911, into 179,101 shares of the Company’s common stock. As of December 31, 2020, there were no related party promissory notes or accrued interest outstanding.

 

The table below summarizes amounts due to related parties, including accrued interest separately recorded, as of December 31, 2020 and 2019:

 

      Principal Amount     Accrued Interest  
Note Payable Terms of the agreement   2020     2019     2020     2019  
                           
August 27, 2018 Promissory Note A $1,500,000 note payable (i) interest accrues at 5% per annum and compounds quarterly (ii) original maturity date of March 1, 2021   $ -     $ 1,500,000     $ -     $ 103,557  
                                 
Total     $ -     $ 1,500,000     $ -     $ 103,557