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Notes Payable | 6 Months Ended
--- | ---
Jun. 30, 2020
Receivables [Abstract] |
Notes payable |
16. | Notes payable
Notes payable as of December 31, 2019 and June 30, 2020 consist of the following:
|  | December 31, |  |  | June 30, |
|  | 2019 |  |  | 2020 |
Notes payable, net of debt discount |  | $ | 2,846,736 |  |  | $ | 2,435,347 |
Note I On July 24, 2019, the Company entered into a securities purchase agreement with Atlas Sciences, LLC (the "Lender"), pursuant to which the Company issued a promissory note (the "Note I") to the Lender. The Note has an original principal amount of $1,395,000, bears interest at a rate of 10% per annum and will mature 12 months after the issuance, unless earlier paid or redeemed in accordance with its terms. The Company received proceeds of $1,250,000 after an original issue discount of $125,000 and payment of Lender's expenses of $20,000. Beginning on the date that is six months after July 24, 2019, Lender shall have the right, exercisable at any time in its sole and absolute discretion, to redeem any amount of this Note up to $250,000 per calendar month by providing written notice to Borrower. The Company recorded the $125,000 as debt discount and is being amortized as interest expense over 12 months period. The Company did not assign any value to the redemption feature of the Note because the redemption of the Note has no value on the redemption portion as of December 31, 2019 and June 30, 2020. On January 27, 2020, the Company entered into an exchange agreement (the "First Exchange Agreement") with Atlas Sciences, LLC (the "Lender"), pursuant to which the Company and the Lender agreed to (i) partition a new promissory note in the original principal amount equal to $100,000 (the "Partitioned Promissory Note) from the outstanding balance of certain promissory note that the Company issued to the Lender on July 24, 2019, which has an original principal amount of $1,395,000, and (ii) exchange the Partitioned Promissory Note for the issuance of 160,256 shares of the Company's common stock, par value $0.001 per share to the Lender. On February 20, 2020, the Company entered into a second exchange agreement (the "Second Exchange Agreement") with Atlas Sciences, LLC (the "Lender"), pursuant to which the Company and the Lender agreed to (i) partition a new promissory note in the original principal amount equal to $100,000 (the "Partitioned Promissory Note") from the outstanding balance of certain promissory note that the Company issued to the Lender on July 24, 2019, which has an original principal amount of $1,395,000, and (ii) exchange the Partitioned Promissory Note for the issuance of 207,641 shares of the Company's common stock, par value $0.001 per share to the Lender. On April 28, 2020, the Company entered into a third exchange agreement (the "Third Exchange Agreement") with Atlas Sciences, LLC (the "Lender"), pursuant to which the Company and the Lender agreed to (i) partition a new promissory note in the original principal amount equal to $100,000 (the "Partitioned Promissory Note") from the outstanding balance of certain promissory note that the Company issued to the Lender on July 24, 2019, which has an original principal amount of $1,395,000, and (ii) exchange the Partitioned Promissory Note for the issuance of 312,500 shares of the Company's common stock, par value $0.001 per share to the Lender. On June 8, 2020, the Company entered into a fourth exchange agreement (the "Fourth Exchange Agreement") with Atlas Sciences, LLC (the "Lender"), pursuant to which the Company and the Lender agreed to (i) partition a new promissory note in the original principal amount equal to $100,000 (the "Partitioned Promissory Note") from the outstanding balance of certain promissory note that the Company issued to the Lender on July 24, 2019, which has an original principal amount of $1,395,000, and (ii) exchange the Partitioned Promissory Note for the issuance of 271,739 shares of the Company's common stock, par value $0.001 per share to the Lender. On June 10, 2020, the Company entered into a fifth exchange agreement (the "Fifth Exchange Agreement") with Atlas Sciences, LLC (the "Lender"), pursuant to which the Company and the Lender agreed to (i) partition a new promissory note in the original principal amount equal to $150,000 (the "Partitioned Promissory Note") from the outstanding balance of certain promissory note that the Company issued to the Lender on July 24, 2019, which has an original principal amount of $1,395,000, and (ii) exchange the Partitioned Promissory Note for the issuance of 407,609 shares of the Company's common stock, par value $0.001 per share to the Lender. On July 6, 2020, the Company entered into a Sixth exchange agreement (the "Sixth Exchange Agreement") with Atlas Sciences, LLC (the "Lender"), pursuant to which the Company and the Lender agreed to (i) partition a new promissory note in the original principal amount equal to $250,000 (the "Partitioned Promissory Note") from the outstanding balance of certain promissory note that the Company issued to the Lender on July 24, 2019, which has an original principal amount of $1,395,000, and (ii) exchange the Partitioned Promissory Note for the issuance of 461,595 shares of the Company's common stock, par value $0.001 per share to the Lender. On July 29, 2020, the Company entered into a Seventh exchange agreement (the "Seventh Exchange Agreement") with Atlas Sciences, LLC (the "Lender"), pursuant to which the Company and the Lender agreed to (i) partition a new promissory note in the original principal amount equal to $365,000 (the "Partitioned Promissory Note") from the outstanding balance of certain promissory note that the Company issued to the Lender on July 24, 2019, which has an original principal amount of $1,395,000, and (ii) exchange the Partitioned Promissory Note for the issuance of 576,802 shares of the Company's common stock, par value $0.001 per share to the Lender. The Company recorded $31,597 and $26,944 to interest expense from the amortization of debt discount and coupon interest for Note I, respectively, for the three months ended June 30, 2020. The Company recorded $63,194 and $59,262 to interest expense from the amortization of debt discount and coupon interest for Note I, respectively, for the six months ended June 30, 2020. As of June 30, 2019, accrued coupon interest of $121,649 on the Note I was included in other payables and accruals (note 13). Note II On December 30, 2019, the Company entered into a securities purchase agreement with Atlas Sciences, LLC (the "Lender"), pursuant to which the Company issued a promissory note (the "Note II") to the Lender. The Note has an original principal amount of $1,670,000, bears interest at a rate of 10% per annum and will mature 12 months after the issuance, unless earlier paid or redeemed in accordance with its terms. The Company received proceeds of $1,500,000 after an original issue discount of $150,000 and payment of Lender's expenses of $20,000. Beginning on the date that is six months after June 30, 2020, Lender shall have the right, exercisable at any time in its sole and absolute discretion, to redeem any amount of this Note up to $250,000.00 per calendar month by providing written notice to Borrower. The Company recorded the $150,000 as debt discount and is being amortized as interest expense over 12 months period. The Company did not assign any value to the redemption feature of the Note because the redemption of the Note has no value on the redemption portion as of December 31, 2019 and June 30, 2020. On July 8, 2020, the Company entered into a First exchange agreement for Note II (the "First Exchange Agreement- Note II") with Atlas Sciences, LLC (the "Lender"), pursuant to which the Company and the Lender agreed to (i) partition a new promissory note in the original principal amount equal to $250,000 (the "Partitioned Promissory Note") from the outstanding balance of certain promissory note that the Company issued to the Lender on December 30, 2019, which has an original principal amount of $1,670,000, and (ii) exchange the Partitioned Promissory Note for the issuance of 453,161 shares of the Company's common stock, par value $0.001 per share to the Lender. The Company recorded $37,917 and $41,883 to interest expense from the amortization of debt discount and coupon interest for Note II, respectively, for the three months ended June 30, 2020. The Company recorded $75,417 and $83,964 to interest expense from the amortization of debt discount and coupon interest for Note II, respectively, for the six months ended June 30, 2020. As of June 30, 2020, accrued coupon interest of $84,892 on the Note II was included in other payables and accruals (note 13).

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