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Convertible Notes Payable

12 Months Ended

Dec. 31, 2020

Convertible Notes Payable [Abstract]

8. CONVERTIBLE NOTES PAYABLE

Note Purchase Agreements

Convertible Promissory Note in March 2019

In March 2019, we enter a Securities Purchase Agreement with Iliad Research and Trading, L.P., (the “Purchaser”), pursuant to which the Company sold and issued to the Purchaser a Secured Convertible Promissory Note (the “Note”). From October 2019 to June 2020, there have been several redemption requests and adjustments of the Note, for the details refer to Note 14. The Note has an interest rate of 8% per annum until full payment, and all interest shall be calculated on a 360-day basis and payable in one instalment upon maturity at original conversional price of $3. The Company has entered into a series of Exchange Agreements with the Purchaser in 2019 and 2020 and issued total 2,426,980 shares of common stock as the repayment of principal, interest and redemption adjustment of the Note.

The Company recognized loss of $0.62 million of exchange share payment for the Note during the year refer in Note 14.

Promissory Note in December 2019

In December 2019, we entered into a Note Purchase Agreement (the “Purchase Agreement”) with Iliad Research and Trading, L.P. (the “Purchaser”), pursuant to which the Company sold and issued to the Purchaser a Secured Promissory Note No share exchange as payment for that note. It was repaid by in cash by the Company.

At December 31, 2020 and 2019, convertible debt consisted of the following:

	December 31,			December 31,
	2020			2019
Beginning	$	957,990		$	-
Addition		905,392			2,077,990
Conversion		(700,236	)		(1,120,000	)
Balance	$	1,163,146		$	957,990