6.Current Convertible Notes Payable and Other Related Party Notes Payable | 6. Current Convertible Notes Payable and Other Notes Payable. Payee No. Effective Date Due Date From Effective Following Maturity Conversion Rate Issuing Purpose As of 12/31/2021 Addition Payment As of 3/31/2022 Accrued Interest Current Convertible Notes Payable: Stephen Chen #1.16 1/30/2016 Payable on demand 0.75% N/A $ 0.17 working capital 114,026 - - 114,026 6,050 Stephen Chen #2.16 3/18/2016 Payable on demand 0.65% N/A $ 0.19 working capital 262,500 - - 262,500 10,298 376,526 - - 376,526 16,348 Ainos KY #12.21 4/27/2021 2/28/2023 (1) 1.85% N/A $ 0.20 working capital 15,000 - - 15,000 257 Ainos KY #13.21 5/5/2021 2/28/2023 (1) 1.85% N/A $ 0.20 working capital 20,000 - - 20,000 335 Ainos KY #14.21 5/25/2021 2/28/2023 (1) 1.85% N/A $ 0.20 working capital 30,000 - - 30,000 471 Ainos KY #15.21 5/28/2021 2/28/2023 (1) 1.85% N/A $ 0.20 working capital 35,000 - - 35,000 545 Ainos KY #16.21 6/9/2021 2/28/2023 (1) 1.85% N/A $ 0.20 working capital 300,000 - - 300,000 4,486 Ainos KY #17.21 6/21/2021 2/28/2023 (1) 1.85% N/A $ 0.20 working capital 107,000 - - 107,000 1,535 Ainos KY #18.21 7/2/2021 2/28/2023 (1) 1.85% N/A $ 0.20 working capital 54,000 - - 54,000 744 Ainos KY #19.21 9/1/2021 2/28/2023 (1) 1.85% N/A $ 0.20 working capital 120,000 - - 120,000 1,289 Ainos KY #20.21 9/28/2021 2/28/2023 (1) 1.85% N/A $ 0.20 working capital 300,000 - - 300,000 2,798 Ainos KY #21.21 11/10/2021 2/28/2023 (1) 1.85% N/A $ 0.20 working capital 50,000 - - 50,000 357 Ainos KY #22.21 11/25/2021 2/28/2023 (1) 1.85% N/A $ 0.20 working capital 450,000 - - 450,000 2,851 Ainos KY #23.21 11/29/2021 2/28/2023 (1) 1.85% N/A $ 0.20 working capital 300,000 - - 300,000 1,840 Ainos KY #24.21 12/29/2021 2/28/2023 (1) 1.85% N/A $ 0.20 working capital 1,219,000 - - 1,219,000 5,684 3,000,000 - - 3,000,000 23,192 Total convertible notes payable- related parties 3,376,526 - - 3,376,526 39,540 Non-Convertible Notes Payable: Stephen Chen #9.21 1/1/2021 4/14/2021 0.13% N/A N/A working capital 129,405 - - 129,405 354 Ainos KY #26.22 (2) 3/4/2022 3/31/2023 1.85% N/A N/A working capital - 800,000 - 800,000 1,135 Non-convertible notes payable-related party 129,405 800,000 - 929,405 1,489 i2 China #8b.20 1/1/2020 1/1/2021 1.85% N/A N/A consulting fee 84,000 - - 84,000 3,527 Non-Convertible Notes payable- non-related party 84,000 84,000 3,527 Total non-convertible notes payable 213,405 800,000 - 1,013,405 5,016 Total convertible and non-convertible 3,589,931 800,000 - 4,389,931 44,556 Notes: (1) On March 17, 2022, we executed a Promissory Note Extension Agreement with Ainos KY in which the due dates for certain convertible notes enumerated as #12.21 to #24.21 issued by the Company to Ainos KY were extended to February 28, 2023. The total unpaid principal for these extended period convertible notes amount to $3,000,000 in the aggregate. (2) On March 11, 2022, the Board approved a Non-Convertible Note dated March 4, 2022 in favor of Ainos KY with a principal amount of $800,000, interest of 1.85% per annum on unpaid principal and accrued interest, and a maturity date of February 28, 2023. The Note includes standard provisions for notice, default, and remedies for default. All of the aforementioned convertible promissory notes and other notes payable are unsecured and due on demand upon maturity. The Company may prepay the notes in whole or in part at any time. The holder of convertible notes has the option to convert some or all of the unpaid principal and accrued interest to our common voting stock. The total interest expense of convertible notes payable and other notes payable for the three months ended March 31, 2022 and as of December 31 2021 was $15,883 and $11,897 respectively; the cumulative related accrued interest as of March 31, 2022 and December 31, 2021 were $44,556 and $28,673, respectively. | 4. Convertible Notes Payable and Other Notes Payable All convertible and other notes payable were issued either as a result of financing or deferred compensation provided by executives of the Company. As of December 31, 2021 and December 31, 2020, convertible and other notes payable totaled $3,589,931 and $953,001, respectively; including notes payable for related parties totaling $3,505,931 and $805,001, respectively. Refer to disclosure in Note 5 below. The details of the convertible notes payable and other notes payable are shown in the table below: Payee No. Effective Date Due Date From Effective Following Maturity Conversion Rate Issuing Purpose 1/1/2021 Addition Payment 12/31/2021 Accrued Interest Convertible notes payable: Stephen Chen #1.16 1/30/2016 Payable on demand 0.75% NA $ 0.17 working capital 114,026 114,026 5,839 Stephen Chen #2.16 3/18/2016 Payable on demand 0.65% NA $ 0.19 working capital 262,500 262,500 9,878 Stephen Chen #3.19 912019 9/1/2020 1.85% 10% $ 0.25 salary 39,620 (39,620) 0 0 Stephen Chen #4.19 1212019 12/31/2020 1.61% 10% $ 0.25 working capital 14,879 (14,879) 0 0 Stephen Chen #6.20 112020 1/1/2021 1.85% 10% $ 0.25 salary 216,600 (216,600) 0 0 Stephen Chen #7.20 112020 1/2/2021 1.60% 10% $ 0.25 working capital 23,366 (23,366) 0 0 Stephen Chen #10.21 112021 4/1/2021 1.85% 1.85% $ 0.25 salary 59,025 (59,025) 0 0 Stephen Chen #11.21 412021 5/1/2021 1.85% 10% $ 0.25 salary 10,000 (10,000) 0 0 670,991 69,025 (363,490) 376,526 15,717 Ainos KY #12.21 4/27/2021 10/27/2021 1.85% NA $ 0.20 working capital 15,000 15,000 189 Ainos KY #13.21 5/5/2021 11/5/2021 1.85% NA $ 0.20 working capital 20,000 20,000 243 Ainos KY #14.21 5/25/2021 11/25/2021 1.85% NA $ 0.20 working capital 30,000 30,000 335 Ainos KY #15.21 5/28/2021 11/28/2021 1.85% NA $ 0.20 working capital 35,000 35,000 385 Ainos KY #16.21 6/9/2021 12/9/2021 1.85% NA $ 0.20 working capital 300,000 300,000 3,117 Ainos KY #17.21 6/21/2021 12/21/2021 1.85% NA $ 0.20 working capital 107,000 107,000 1,047 Ainos KY #18.21 7/2/2021 1/2/2022 1.85% NA $ 0.20 working capital 54,000 54,000 498 Ainos KY #19.21 912021 3/1/2022 1.85% NA $ 0.20 working capital 120,000 120,000 742 Ainos KY #20.21 9/28/2021 3/28/2022 1.85% NA $ 0.20 working capital 300,000 300,000 1,429 Ainos KY #21.21 11102021 5102022 1.85% NA $ 0.20 working capital 50,000 50,000 129 Ainos KY #22.21 11252021 11/25/2022 1.85% NA $ 0.20 working capital 450,000 450,000 798 Ainos KY #23.21 11/29/2021 5/29/2022 1.85% NA $ 0.20 working capital 300,000 300,000 471 Ainos KY #24.21 12292021 6/29/2022 1.85% NA $ 0.20 working capital 1,219,000 1,219,000 124 0 3,000,000 0 3,000,000 9,507 Total convertible notes payable- related parties 670,991 3,069,025 (363,490) 3,376,526 25,224 i2 China #5.19 9/1/2019 9/1/2020 1.85% 10% $ 0.25 consulting fee 16,000 (16,000) 0 0 i2 China #8a.20 1/1/2020 1/1/2021 1.85% 10% $ 0.25 consulting fee 48,000 (48,000) 0 0 i2 China #11.21 112020 4/1/2021 1.85% 10% $ 0.25 consulting fee 37,000 (37,000) 0 0 Total convertible notes payable- non-related party 64,000 37,000 (101,000) 0 0 Total Convertible notes payable 734,991 3,106,025 (464,490) 3,376,526 25,224 Notes payable: Stephen Chen #9.21 1/1/2021 4/14/2021 0.13% 10% NA working capital 134,010 145,395 (150,000) 129,405 312 Notes payable-related party 134,010 145,395 (150,000) 129,405 312 i2 China #8b.20 1/1/2020 1/1/2021 1.85% 10% NA consulting fee 84,000 84,000 3,137 Notes payable- non-related party 84,000 0 0 84,000 3,137 Total notes payable 218,010 145,395 (150,000) 213,405 3,449 Total convertible and non-convertible 953,001 3,251,420 (614,490) 3,589,931 28,673 All of the aforementioned convertible promissory notes and other notes payable are unsecured and due on demand upon maturity. The Company may prepay the notes in whole or in part at any time. The Payee has the option to convert some or all of the unpaid principal and accrued interest to our common voting stock. The convertible promissory notes are convertible on demand. The following convertible notes due to Stephen T. Chen - Notes 3.19, 4.19, 6.20, 7.20, 10.21, and 11.21 -- with a total principal and accrued interest amount of $372,988 were assigned by the holder to Top Calibre Corporation, a British Virgin Islands corporation, and subsequently converted in common stock of our company at a conversion price of $0.25 per share on December 27, 2021. No convertible notes were assigned in 2020. During 2021, the Company received funding from Dr. Stephen T. Chen and Ainos KY totaling $214,420 and $3,000,000, respectively. Amounts owed to Dr. Stephen T. Chen of $150,000 were repaid. In 2020, the Company received funding from Dr. Stephen T. Chen totaling $373,976. Note holders, i2China Management Group, LLC (“i2China”) and Dr. Stephen T. Chen (together the “Payees”), agreed to waive their rights pertaining to the conditional term “Annual Interest Rate on Matured, Unpaid Amounts: 10% per annum, compounded annually of Convertible Notes” in regards to interest charged on unpaid amounts following maturity for all of their respective notes. The Company and the Payees agree that the originally agreed annual interest rate will continue to be valid for any unpaid amounts after maturity. The amended terms of the above convertible notes and other notes payable were made during on September 1, 2021. Interest waived totaled $45,875. The total interest expense for 2021 and 2020 totaled $21,727 and $10,702 respectively; the cumulative related accrued interest as of December 31, 2021 and 2020 were $28,673 and $24,196, respectively. |