Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2020 | Nov. 13, 2020 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | MYMETICS CORP | |
Entity Central Index Key | 0000927761 | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Emerging Growth Company | false | |
Entity Small Business | true | |
Entity Shell Company | false | |
Entity Interactive Data Current | Yes | |
Entity Incorporation, State or Country Code | DE | |
Entity File Number | 000-25132 | |
Entity Common Stock, Shares Outstanding | 303,757,622 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q3 | |
Document Type | 10-Q/A | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2020 |
CONSOLIDATED BALANCE SHEETS (UN
CONSOLIDATED BALANCE SHEETS (UNAUDITED) - EUR (€) € in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Current Assets | ||
Cash | € 623 | € 683 |
Receivables | 19 | 164 |
Prepaid expenses | 124 | 85 |
Total current assets | 766 | 932 |
Property and equipment, net of accumulated depreciation of E458 at September 30, 2020 and E445 at December 31, 2019 | 44 | 52 |
Right-of-use asset | 154 | 230 |
Goodwill | 6,671 | 6,671 |
Total assets | 7,635 | 7,885 |
Current Liabilities | ||
Accounts payable | 58 | 167 |
Deferred revenue | 6 | 0 |
Operating lease liability | 102 | 102 |
Non-convertible notes payable and related accrued interest to related parties | 6,512 | 5,308 |
Convertible notes payable and related accrued interest to related parties | 55,175 | 53,378 |
Total current liabilities | 61,853 | 58,955 |
Long Term Liabilities | ||
Debt - principal payable to the Federal Financing Bank | 156 | 0 |
Operating lease liability | 52 | 128 |
Total long-term liabilities | 208 | 128 |
Total liabilities | 62,061 | 59,083 |
Commitments and contingencies (Note 3) | ||
Shareholders' Deficit | ||
Common stock, U.S. $0.01 par value; 1,200,000,000 shares authorized; issued and outstanding 303,757,622 at September 30, 2020 and at December 31, 2019 | 2,530 | 2,530 |
Preferred stock, U.S. $0.01 par value; 5,000,000 shares authorized; none issued or outstanding | 0 | 0 |
Additional paid-in capital | 34,443 | 34,443 |
Accumulated deficit | (92,095) | (88,862) |
Accumulated other comprehensive income | 696 | 691 |
Total shareholders' deficit | (54,426) | (51,198) |
Total liabilities and shareholders' deficit | € 7,635 | € 7,885 |
CONSOLIDATED BALANCE SHEETS (_2
CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) € in Thousands | Sep. 30, 2020EUR (€)shares | Sep. 30, 2020$ / shares | Dec. 31, 2019EUR (€)shares | Dec. 31, 2019$ / shares |
ASSETS | ||||
Property and equipment, accumulated depreciation | € | € 458 | € 445 | ||
Shareholders' Deficit | ||||
Common stock, par value | $ / shares | $ 0.01 | $ 0.01 | ||
Common stock, shares authorized | 1,200,000,000 | 1,200,000,000 | ||
Common stock, shares issued | 303,757,622 | 303,757,622 | ||
Common stock, shares outstanding | 303,757,622 | 303,757,622 | ||
Preferred stock, par value | $ / shares | $ 0.01 | $ 0.01 | ||
Preferred stock, shares authorized | 5,000,000 | 5,000,000 | ||
Preferred stock, shares issued | 0 | 0 | ||
Preferred stock, shares outstanding | 0 | 0 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (UNAUDITED) - EUR (€) € in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Revenue | ||||
Research and development | € 0 | € 0 | € 28 | € 0 |
Grants | 12 | 242 | 401 | 370 |
Total revenue | 12 | 242 | 429 | 370 |
Expenses | ||||
Research and development | 215 | 295 | 789 | 720 |
General and administrative | 254 | 243 | 875 | 770 |
Other (income) expense | (106) | 122 | (47) | 165 |
Total expenses | 363 | 660 | 1,617 | 1,655 |
Operating loss | (351) | (418) | (1,188) | (1,285) |
Interest expense | 679 | 671 | 2,030 | 2,004 |
Loss before income tax provision | (1,030) | (1,089) | (3,218) | (3,289) |
Income tax provision | (8) | (5) | (15) | (15) |
Net loss | (1,038) | (1,094) | (3,233) | (3,304) |
Other Comprehensive Income | ||||
Foreign currency translation adjustment | (2) | 5 | 5 | 11 |
Comprehensive loss | € (1,040) | € (1,089) | € (3,228) | € (3,293) |
Basic and dilutive earnings per share | € 0 | € 0 | € (0.01) | € (0.01) |
Weighted average number of shares used in per share calculations | 303,757,622 | 303,757,622 | 303,757,622 | 303,757,622 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (DEFICIT) (Unaudited) - EUR (€) € in Thousands | Common Stock | Additional Paid in Capital | Accumulated Deficit | Accumulated Other Comprehensive Income | Total |
Beginning balance, shares at Dec. 31, 2018 | 303,757,622 | ||||
Beginning balance at Dec. 31, 2018 | € 2,530 | € 34,441 | € (84,675) | € 679 | € (47,025) |
Stock compensation expense | 2 | 2 | |||
Net loss | (1,228) | (1,228) | |||
Translation adjustment | 5 | 5 | |||
Ending balance, shares at Mar. 31, 2019 | 303,757,622 | ||||
Ending balance at Mar. 31, 2019 | € 2,530 | 34,443 | (85,903) | 684 | (48,246) |
Beginning balance, shares at Dec. 31, 2018 | 303,757,622 | ||||
Beginning balance at Dec. 31, 2018 | € 2,530 | 34,441 | (84,675) | 679 | (47,025) |
Net loss | (3,304) | ||||
Translation adjustment | 11 | ||||
Ending balance, shares at Sep. 30, 2019 | 303,757,622 | ||||
Ending balance at Sep. 30, 2019 | € 2,530 | 34,443 | (87,879) | 690 | (50,316) |
Beginning balance, shares at Mar. 31, 2019 | 303,757,622 | ||||
Beginning balance at Mar. 31, 2019 | € 2,530 | 34,443 | (85,903) | 684 | (48,246) |
Net loss | (982) | (982) | |||
Translation adjustment | 1 | 1 | |||
Ending balance, shares at Jun. 30, 2019 | 303,757,622 | ||||
Ending balance at Jun. 30, 2019 | € 2,530 | 34,443 | (86,885) | 685 | (49,227) |
Net loss | (1,094) | (1,094) | |||
Translation adjustment | 5 | 5 | |||
Ending balance, shares at Sep. 30, 2019 | 303,757,622 | ||||
Ending balance at Sep. 30, 2019 | € 2,530 | 34,443 | (87,879) | 690 | (50,316) |
Beginning balance, shares at Dec. 31, 2019 | 303,757,622 | ||||
Beginning balance at Dec. 31, 2019 | € 2,530 | 34,443 | (88,862) | 691 | (51,198) |
Net loss | (1,164) | (1,164) | |||
Translation adjustment | 7 | 7 | |||
Ending balance, shares at Mar. 31, 2020 | 303,757,622 | ||||
Ending balance at Mar. 31, 2020 | € 2,530 | 34,443 | (90,026) | 698 | (52,355) |
Beginning balance, shares at Dec. 31, 2019 | 303,757,622 | ||||
Beginning balance at Dec. 31, 2019 | € 2,530 | 34,443 | (88,862) | 691 | (51,198) |
Net loss | (3,233) | ||||
Translation adjustment | 5 | ||||
Ending balance, shares at Sep. 30, 2020 | 303,757,622 | ||||
Ending balance at Sep. 30, 2020 | € 2,530 | 34,443 | (92,095) | 696 | (54,426) |
Beginning balance, shares at Mar. 31, 2020 | 303,757,622 | ||||
Beginning balance at Mar. 31, 2020 | € 2,530 | 34,443 | (90,026) | 698 | (52,355) |
Net loss | (1,031) | (1,031) | |||
Translation adjustment | 0 | ||||
Ending balance, shares at Jun. 30, 2020 | 303,757,622 | ||||
Ending balance at Jun. 30, 2020 | € 2,530 | 34,443 | (91,057) | 698 | (53,386) |
Net loss | (1,038) | (1,038) | |||
Translation adjustment | (2) | (2) | |||
Ending balance, shares at Sep. 30, 2020 | 303,757,622 | ||||
Ending balance at Sep. 30, 2020 | € 2,530 | € 34,443 | € (92,095) | € 696 | € (54,426) |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - EUR (€) € in Thousands | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Cash Flow from Operating Activities | ||
Net loss | € (3,233) | € (3,304) |
Adjustments to reconcile net loss to net cash used in operating activities | ||
Depreciation | 13 | 14 |
Stock compensation expense - options | 0 | 2 |
Changes in operating assets and liabilities | ||
Receivables | 145 | 423 |
Accrued interest on convertible notes payable | 1,797 | 2,058 |
Accrued interest on non-convertible notes payable | 104 | 78 |
Accounts payable | (109) | 6 |
Deferred revenue from grants | 6 | 29 |
Other | (39) | (80) |
Net cash used in operating activities | (1,316) | (774) |
Cash Flows from Investing Activities | ||
Purchase of property and equipment | (5) | 0 |
Net cash used in investing activities | (5) | 0 |
Cash Flows from Financing Activities | ||
Proceeds from borrowing on line of credit with federal bank | 156 | 0 |
Proceeds from issuance of non-convertible notes | 1,100 | 600 |
Net cash provided by investing activities | 1,256 | 600 |
Effect of foreign exchange rate on cash | 5 | 11 |
Net change in cash | (60) | (163) |
Cash, beginning of period | 683 | 479 |
Cash, end of period | 623 | 316 |
Supplemental Disclosure of Cash Flow Information: | ||
Cash paid for interest | 0 | 0 |
Cash paid for taxes | € (7) | € (15) |
1. The Company and Summary of S
1. The Company and Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2020 | |
Accounting Policies [Abstract] | |
The Company and Summary of Significant Accounting Policies | BASIS OF PRESENTATION AND GOING CONCERN The amounts in the notes are shown in thousands of EURO, unless otherwise noted, and rounded to the nearest thousand except for share and per share amounts. The accompanying interim period consolidated financial statements of Mymetics Corporation (the "Company") set forth herein have been prepared by the Company pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (the "SEC"). Certain information and footnote disclosure normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted pursuant to such SEC rules and regulations. The interim period consolidated financial statements should be read together with the audited financial statements and the accompanying notes included in the Company's latest annual report on Form 10-K for the fiscal year ended December 31, 2019. The accompanying financial statements of the Company are unaudited. However, in the opinion of the Company, the unaudited condensed consolidated financial statements contained herein contain all adjustments necessary to present a fair statement of the results of the interim periods presented. All adjustments made during the three and nine-month period ending September 30, 2020 were of a normal and recurring nature. The Company was created for the purpose of engaging in vaccine research and development. Its main research efforts in the beginning have been concentrated in the prevention and treatment of the AIDS virus and malaria. The Company has established a network which enables it to work with education centers, research centers, pharmaceutical laboratories and biotechnology companies. Besides the HIV and malaria vaccine candidates under development, the Company additionally has the following vaccines in its pipeline; (i) Herpes Simplex which is at the pre-clinical stage and currently on hold, (ii) influenza for elderly which has finished a clinical trial Phase I, (iii) Respiratory Syncytial Virus (“RSV”) which is at the pre-clinical stage and currently on hold and (iv) Chikungunya virus at the discovery stage and currently on hold. As of September 30, 2020, the Company was engaged in the pre-clinical testing of some of its vaccine candidates, but a commercially viable product is not expected for several more years. However, the Company generated some revenue as of the prior quarter through collaboration and grant agreements. The Company is working on several research projects with commercial partners for immunotherapy in the fields of allergy and oncology and for some infectious diseases with academic partners. Since April 2020 the Company has additionally started to work on the development of a virosome-based vaccine to prevent Covid-19, the disease caused by the SARS-CoV-2 virus. For the Covid-19 vaccine candidates the Company is collaborating with leading academic institutions, such as Baylor College of Medicine in Texas. The allergy project is in collaboration with Anergis SA, for which the Company prepared virosome-based vaccines which include Anergis peptides for treating birch pollen allergy. These formulations were tested in two preclinical studies, compared to the Anergis’ earlier formulations and other comparators, and showed successful results. These consolidated financial statements have been prepared assuming the Company will continue as a going concern. The Company has experienced negative cash flows from operations and significant losses since inception resulting in an accumulated deficit of €92,095 at September 30, 2020. Further, the Company’s current liabilities exceed its current assets by €61,087 as of September 30, 2020, and there is no assurance that cash will become available to pay current liabilities in the near term. Management is seeking additional financing but there can be no assurance that management will be successful in any of those efforts. These conditions raise substantial doubt about our ability to continue as a going concern within one year from the issuance of the financial statements. IMPACT OF THE NOVEL CORONAVIRUS On January 30, 2020, the World Health Organization (“WHO”) announced a global health emergency because of a new strain of coronavirus originating in Wuhan, China (the “COVID-19 outbreak”) and the risks to the international community as the virus spreads globally beyond its point of origin. In March 2020, the WHO classified the COVID-19 outbreak as a pandemic, based on the rapid increase in exposure globally. The full impact of the COVID-19 outbreak continues to evolve as of the date of this report. As such, it is uncertain as to the full magnitude that the pandemic will have on the Company’s financial condition, liquidity, and future results of operations. Management is actively monitoring the global situation on its financial condition, liquidity, operations, scientific collaborations, suppliers, industry, and workforce. Given the daily evolution of the COVID-19 outbreak and the global responses to curb its spread, the Company is not able to estimate the effects of the COVID-19 outbreak on its results of operations, financial condition, or liquidity for fiscal year 2020. The Company’s partner for the oncology immunotherapy project in the Netherlands has decreased their laboratory experiments due to reduced operating hours in those facilities. While the Company considers this disruption to be temporary, continued disruption in this project will lead to delayed advances by the Company of its research and could negatively impact revenue for the remainder of fiscal year 2020 and the Company’s overall liquidity. The Company is dependent on its workforce to deliver and advance its research. Developments such as physical distancing and working from home directives have and will continue to impact the Company’s ability to deploy its workforce effectively. While expected to be temporary, prolonged workforce disruptions may negatively impact future revenues for the remainder of fiscal year 2020 and the Company’s overall liquidity. The Company is dependent on its partners in certain projects, such as the University of Louisiana at Lafayette (“ULL”) for the NIH funded project to maintain the agreed timelines and execute their tasks. Developments such as social distancing and shelter-in-place directives and lock-down directives have and will continue to impact the Company’s ability to execute on project plans and research objectives effectively. While expected to be temporary, prolonged disruptions in collaboration projects may negatively impact funding for the remainder of fiscal year 2020 and the Company’s overall liquidity. Although the Company cannot estimate the length or gravity of the impact of the COVID-19 outbreak at this time, if the pandemic continues, it may have a material adverse effect on the Company’s results of future operations, financial position, and liquidity for the remainder of fiscal year 2020. CORONAVIRUS AID, RELIEF AND ECONOMIC SECURITY ACT On March 27, 2020, the U.S. Government enacted the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) was signed into law. The CARES Act includes various income and payroll tax provisions. The Company has analyzed the tax provisions of the CARES Act and determined they have no significant financial impact to the condensed financial statements. The Company has no intention of taking advantage of other benefits provided by the CARES Act but will continue to evaluate the impact on the Company’s financial position. PRINCIPLES OF CONSOLIDATION The condensed consolidated financial statements include the accounts of the Company and its subsidiaries. Significant intercompany accounts and transactions have been eliminated. NEW ACCOUNTING PRONOUNCEMENT On January 1, 2020, the Company adopted Accounting Standard Update ("ASU") No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement, to improve the effectiveness of disclosures. The amendments remove, modify, and add certain disclosure requirements in Topic 820, “Fair Value Measurement.” The amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. The adoption had no impact on the Company's condensed consolidated financial statements. FOREIGN CURRENCY TRANSLATION The Company translates non-Euro assets and liabilities of its subsidiaries at the rate of exchange at the balance sheet date. Revenues and expenses are translated at the average rate of exchange throughout the period. Unrealized gains or losses from these translations are reported as a separate component of comprehensive income. Transaction gains or losses are included in foreign exchange (gain) loss in the consolidated statements of comprehensive loss. The translation adjustments do not recognize the effect of income tax because the Company expects to reinvest the amounts indefinitely in operations. The Company's reporting currency is the Euro because substantially all of the Company's activities are conducted in Europe. CASH The Company considers all highly liquid investments purchased with maturities of three months or less to be cash equivalents. Cash deposits are occasionally in excess of insured amounts. REVENUE RECOGNITION The Company recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration which the Company expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that the Company determines are within the scope of ASU No. 2014-19, Revenue from Contracts with Customer The Company has concluded that government grants are not within the scope of Topic 606, as they do not meet the definition of a contract with a “customer”. The Company concluded the definition of a contract with a “customer” was not met as the counterparty to the government grants has not contracted to obtain goods or services and thus the contracts are not considered to have commercial substance. Government grants provide the Company with payments for certain types of expenditures related to research and development activities over a contractually defined period. Revenue from government grants is recognized in the period during which the related costs are incurred, provided that the applicable conditions under the government contracts have been met. NIH On April 29, 2019, the National Institutes of Health (“NIH”) awarded the Company and Texas Biomedical Research Institute (“Texas Biomed”) a five-year grant for the project called “Cold Chain-independent, Needle-free Mucosal Virosomal Vaccine to Prevent HIV-1 Acquisition at Mucosal Levels” (“NIH Grant”). The project started on May 1, 2019 and is planned for five years. It was initially co-led by Texas Biomed, but due to the move of Dr. Ruth Ruprecht, the Co-Principal Investigator, to the University of Louisiana at Lafayette (“ULL”) at the end of 2019, ULL has become the co-lead with Mymetics for this project. The overall budget related to the project is USD 8,850, with USD 1,940 approved for the first year, and USD 1,856 for the second year. The overall portion of the grant allocated to the Company is USD 5,930, with USD 1,190 approved for the first year, and USD 1,052 for the second year. To date, the sub-award contract between ULL and the Company for the second year (May 2020 to April 2021) is still pending for signature. The cost incurred since May 2020 as of September 30, 2020, mainly labor cost and stability studies for a total amount of €126, has not been recorded as revenue. For the overall project, to date, the Company has recognized €943 of grant revenue from the NIH related to the cost invoiced as of April 30, 2020. During 2020, €401 and €12 have been recognized during the nine and three months ended September 30, 2020, respectively. First results are expected to be reported in 2021. The project has the objective to prepare the Company’s promising HIV-1 vaccine candidate for clinical trials, by first executing a non-human primate (“NHP”) study, where the test subjects will be receiving Mymetics’ virosome based HIV-1 vaccine candidate by several intra-muscular and intra-nasal applications, followed by rectal challenges. As of September 30, 2020, Mymetics has successfully produced two sets of virosome based vaccines and the NHPs have received two intramuscular vaccinations and three intranasal vaccinations. The vaccinations were well tolerated and there were no safety issues. This study is ongoing. The vaccine is created to induce protective mucosal antibodies acting as a frontline defense against sexual HIV transmission. This newly awarded grant from the NIH can continue some of the developments that were achieved during the European Horizon 2020 project. License Agreement – UPPERTON Ltd. On July 26, 2019 Mymetics and Upperton Ltd. signed a License Agreement (the “Agreement”) that sets out the rights and obligations of the two parties with respect to the development, manufacturing and exploitation of certain virus-like particles based vaccines (which includes virosomes) into solid (powder or tablet) form that are based on each party’s background or pre-existing intellectual property (“IP”) and the foreground IP rights or the IP that was developed by either party or both parties during the Maciviva project and could be developed during future collaborations. Under the terms of the Agreement Mymetics receives an exclusive and royalty-free, worldwide license to use the Upperton background IP for the development, research, sale or in/out license for virus-like particle vaccines that use the foreground IP rights. All title, right and interest in and to all foreground IP rights vests in Mymetics for such development, research, sale or in/out license, and Mymetics is free to use and exploit such foreground IP rights. Mymetics has provided Upperton the non-exclusive license to manufacture virus-like particle-based vaccines for third parties for indications other than respiratory viruses, certain allergies, HIV, malaria and chikungunya. For these foreground IP licenses, the parties have agreed to pay each other a certain low single digit percentage of revenues, license fees and royalties that each of the parties receives from their exploitation. No revenue has been received nor recognized during the three and nine months ended September 30, 2020. License Agreement – ANERGIS SA In December 2018, the Company announced that the success criteria of the Research and Option to License Agreement with Anergis SA (“Anergis”) had been met. Under the terms of the Research Agreement, a pre-clinical study program evaluated the immunogenicity profile of the Anergis’ peptides designed to treat birch allergy when presented on Mymetics’ proprietary virosomes, with or without undisclosed TLR ligands or other adjuvants, and these results were compared to Anergis’ AllerT product combination. In October 2019 Anergis started a new evaluation study in collaboration with Stallergenes Greer SA, in which the Mymetics COP virosomes were evaluated in a preclinical study. On May 28, 2020 the Company announced that Stallergenes Greer and Anergis reported the results of the joint research study (the second study) evaluating the effects of the second generation Contiguous Overlapping Peptides (COP) allergen immunotherapy in a therapeutic model of birch allergy, with the aim of shortening the AIT administration schemes. In the second study, conducted by Stallergenes Greer, COP-Virosomes, and COP and virosomes alone were compared to a placebo group in an in-house therapeutic model of birch pollen allergy. Recombinant Bet v 1 alone (the major allergen of birch pollen) and birch extract were also used as controls in this setting. COP-virosomes were the only synthetic therapy able to fully reverse asthma symptoms as well as lung inflammation (i.e., significant reduction in eosinophils in bronchial fluids). Pro-allergic immune responses also decreased with COP-virosome therapy with a significant decrease of the IL-4, a Th2 cytokine. Anergis had a time limited option to license the virosomes from Mymetics in the field of allergies that requires Anergis to raise funds from third parties to pay Mymetics the license fee under the terms of the License and Collaboration Agreement and the clinical development. Although the option to license has expired as Anergis has not yet been able to raise sufficient funds, Anergis and Mymetics are currently in negotiation about a possible business relationship, but there is no assurance that this will be concluded. No revenue has been received nor recognized during the three and nine months ended September 30, 2020. RECEIVABLES Receivables are stated at their outstanding principal balances. Management reviews the collectability of receivables on a periodic basis and determines the appropriate amount of any allowance. There was no allowance necessary at September 30, 2020 or December 31, 2019. The Company writes off receivables to the allowance when management determines that a receivable is not collectible. The Company may retain a security interest in the products sold. PROPERTY AND EQUIPMENT Property and equipment is recorded at cost and is depreciated over its estimated useful life on straight-line basis from the date placed in service. Estimated useful lives are usually taken as three years. IMPAIRMENT OF LONG-LIVED ASSETS Long-lived assets, which include property and equipment, are assessed for impairment whenever events or changes in circumstances indicate the carrying amount of the asset may not be recoverable. The impairment testing involves comparing the carrying amount to the forecasted undiscounted future cash flows generated by that asset. In the event the carrying value of the assets exceeds the undiscounted future cash flows generated by that asset and the carrying value is not considered recoverable, impairment exists. An impairment loss is measured as the excess of the asset’s carrying value over its fair value, calculated using a discounted future cash flow method. An impairment loss would be recognized in net income (loss) in the period that the impairment occurs. GOODWILL Goodwill represents the excess of purchase price over the value assigned to the net tangible and identifiable intangible assets of a business acquired. The Company typically performs its annual goodwill impairment test effective as of April 1 of each year, unless events or circumstances indicate impairment may have occurred before that time. The Company assesses qualitative factors to determine whether it is more likely than not that the fair value of the reporting unit is less than its carrying amount. After assessing qualitative factors, the Company determined that no further testing was necessary. If further testing was necessary, the Company would determine the fair value of each reporting unit and compare the fair value to the reporting unit’s carrying amount. The Company has one reporting unit. RESEARCH AND DEVELOPMENT Research and development costs are expensed as incurred. TAXES ON INCOME The Company accounts for income taxes under an asset and liability approach that requires the recognition of deferred tax assets and liabilities for expected future tax consequences of events that have been recognized in the Company's financial statements or tax returns. In estimating future tax consequences, the Company generally considers all expected future events other than enactments of changes in the tax laws or rates. The Company reports a liability, if any, for unrecognized tax benefits resulting from uncertain income tax positions taken or expected to be taken in an income tax return. Estimated interest and penalties, if any, are recorded as a component of interest expense and other expense, respectively. The Company has not recorded any liabilities for uncertain tax positions or any related interest and penalties at September 30, 2020, or December 31, 2019. The Company’s United States tax returns are open to audit for the years ended December 31, 2015 to 2018. The returns for the Swiss subsidiary, Mymetics S.A., are open to audit for the year ended December 31, 2019. The returns for the Netherlands subsidiaries, Bestewil B.V. and Mymetics B.V., are open to audit for the year ended December 31, 2019. EARNINGS PER SHARE Basic earnings per share is computed by dividing net income or loss attributable to common shareholders by the weighted average number of common shares outstanding in the period. Diluted earnings per share takes into consideration common shares outstanding (computed under basic earnings per share) and potentially dilutive securities. For the periods ended September 30, 2020 and 2019, options and convertible debt were not included in the computation of diluted earnings per share because their effect would be anti-dilutive due to net losses incurred under the treasury stock method. For the three and nine months ended September 30, 2020, the basic weighted and diluted average number of shares was 303,757,622. The total potential number of shares issuable of 720,431,036 at September 30, 2020 includes 694,681,036 potential issuable shares related to convertible loans, and 25,750,000 potential issuable shares related to outstanding stock options granted to employees. For the three and nine months ended September 30, 2019, the basic weighted and diluted average number of shares was 303,757,622. The total potential number of shares issuable of 687,233,201 at September 30, 2019 includes 658,133,201 potential issuable shares related to convertible loans, and 29,100,000 potential issuable shares related to outstanding stock options granted to employees. PREFERRED STOCK The Company has authorized 5,000,000 shares of preferred stock that may be issued in several series with varying dividend, conversion and voting rights. No preferred shares are issued or outstanding at September 30, 2020 or December 31, 2019. STOCK-BASED COMPENSATION Compensation cost for all share-based payments is based on the estimated grant-date fair value. The Company amortizes stock compensation cost ratably over the requisite service period. The issuance of common shares for services is recorded at the quoted price of the shares on the date the shares are issued. No shares were issued to individuals as fee for services rendered in the nine months ended September 30, 2020 nor in the nine months ended September 30, 2019. During the three-month periods ended September 30, 2020 and 2019, stock compensation expense amounted to €0 and €0, respectively. Stock compensation expense amounted to €0 and €2 during the nine-month periods ended September 30, 2020 and 2019, respectively, and is included in the condensed consolidated statements of comprehensive loss within general and administrative expenses. ESTIMATES The preparation of financial statements in conformity with United States generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. FAIR VALUE MEASUREMENTS Fair value guidance establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include: Level 1- Quoted prices in active markets for identical assets or liabilities. Level 2- Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3- Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. FAIR VALUES OF FINANCIAL INSTRUMENTS The Company generally has the following financial instruments: cash, receivables, accounts payable, and notes payable. The carrying value of cash, receivables and accounts payable, approximates their fair value based on the short-term nature of these financial instruments. Management believes that it is not practicable to estimate the fair value of the notes payable due to the unique nature of these instruments. CONCENTRATIONS The Company derived 100% of grant revenue for the three and nine month periods ended September 30, 2020 and 93% for the three and nine month periods ended September 30, 2019 from one grantor, respectively. RELATED PARTY TRANSACTIONS Mr. Ernest M. Stern, the Company’s outside U.S. counsel, is both a director of the Company and is a partner in Culhane Meadows PLLC, the firm retained as legal counsel by the Company. The Company incurred professional fees to the counsel's law firms totaling €4 and €12 for the three months ended September 30, 2020 and 2019 respectively; and €26 and €25 for the nine months ended September 30, 2020 and 2019, respectively. Two of the Company’s major shareholders have granted secured convertible notes and short-term convertible notes and promissory notes, which have a total carrying amount of €61,264 including interest due as of September 30, 2020. Conversion prices on the Euro-denominated convertible debt have been fixed to a fixed Euro/US dollar exchange rate. |
2. Debt Financing
2. Debt Financing | 9 Months Ended |
Sep. 30, 2020 | |
Debt Disclosure [Abstract] | |
Debt Financing | Certain principal shareholders have granted the Company secured convertible notes (in accordance with the Uniform Commercial Code in the State of Delaware), short term convertible notes and other short-term notes, which have a total carrying value of €61,687 including interest due to date. Interest incurred on these notes since inception has been added to the principal amounts. The details of the convertible notes and loans are as follows at September 30, 2020: Fixed Conversion Rate Lender 1st-Issue Principal Duration Interest Price EUR/USD Price Date Amount (Note) Rate (stated) Conversion Eardley Holding A.G. (1) 06/23/2006 € 162 (2 ) 10% pa $ 0.10 N/A Anglo Irish Bank S.A.(3) 10/21/2007 € 500 (2 ) 10% pa $ 0.50 1.4090 Round Enterprises Ltd. 12/10/2007 € 1,500 (2 ) 10% pa $ 0.50 1.4429 Round Enterprises Ltd. 01/22/2008 € 1,500 (2 ) 10% pa $ 0.50 1.4629 Round Enterprises Ltd. 04/25/2008 € 2,000 (2 ) 10% pa $ 0.50 1.5889 Round Enterprises Ltd. 06/30/2008 € 1,500 (2 ) 10% pa $ 0.50 1.5380 Round Enterprises Ltd. 11/18/2008 € 1,200 (2 ) 10% pa $ 0.50 1.2650 Round Enterprises Ltd. 02/09/2009 € 1,500 (2 ) 10% pa $ 0.50 1.2940 Round Enterprises Ltd. 06/15/2009 € 5,500 (2,4 ) 10% pa $ 0.80 1.4045 Eardley Holding A.G. 06/15/2009 € 100 (2,4 ) 10% pa $ 0.80 1.4300 Von Meyenburg 08/03/2009 € 200 (2 ) 10% pa $ 0.80 1.4400 Round Enterprises Ltd. 10/13/2009 € 2,000 (2 ) 5% pa $ 0.25 1.4854 Round Enterprises Ltd. 12/18/2009 € 2,200 (2 ) 5% pa $ 0.25 1.4338 Round Enterprises Ltd. 08/04/2011 € 1,024 (5,6 ) 10% pa $ 0.034 N/A Eardley Holding A.G. 08/04/2011 € 256 (5,6 ) 10% pa $ 0.034 N/A Round Enterprises Ltd. 11/08/2011 € 400 (6 ) 10% pa $ 0.034 1.3787 Eardley Holding A.G. 11/08/2011 € 100 (6 ) 10% pa $ 0.034 1.3787 Round Enterprises Ltd. 02/10/2012 € 1,000 (6 ) 10% pa $ 0.034 1.3260 Eardley Holding A.G. 02/14/2012 € 200 (6 ) 10% pa $ 0.034 1.3260 Round Enterprises Ltd. 04/19/2012 € 322 (6 ) 10% pa $ 0.034 1.3100 Eardley Holding A.G. 04/19/2012 € 80 (6 ) 10% pa $ 0.034 1.3100 Round Enterprises Ltd. 05/04/2012 € 480 (6 ) 10% pa $ 0.034 1.3152 Eardley Holding A.G. 05/04/2012 € 120 (6 ) 10% pa $ 0.034 1.3152 Round Enterprises Ltd. 09/03/2012 € 200 (6 ) 10% pa $ 0.034 1.2576 Eardley Holding A.G. 09/03/2012 € 50 (6 ) 10% pa $ 0.034 1.2576 Round Enterprises Ltd. 11/14/2012 € 500 (6 ) 10% pa $ 0.034 1.2718 Eardley Holding A.G. 12/06/2012 € 125 (6 ) 10% pa $ 0.034 1.3070 Round Enterprises Ltd. 01/16/2013 € 240 (6 ) 10% pa $ 0.034 1.3318 Eardley Holding A.G. 01/16/2013 € 60 (6 ) 10% pa $ 0.034 1.3318 Round Enterprises Ltd. 03/25/2013 € 400 (6 ) 10% pa $ 0.037 1.2915 Eardley Holding A.G. 04/14/2013 € 150 (6 ) 10% pa $ 0.034 1.3056 Round Enterprises Ltd. 04/14/2013 € 600 (6 ) 10% pa $ 0.034 1.3056 Eardley Holding A.G. 05/15/2013 € 170 (6 ) 10% pa $ 0.037 1.2938 Round Enterprises Ltd. 05/15/2013 € 680 (6 ) 10% pa $ 0.037 1.2938 Eardley Holding A.G. 06/24/2013 € 60 (6 ) 10% pa $ 0.025 1.3340 Round Enterprises Ltd. 06/24/2013 € 240 (6 ) 10% pa $ 0.025 1.3340 Eardley Holding A.G. 08/05/2013 € 80 (6 ) 10% pa $ 0.018 1.3283 Round Enterprises Ltd. 08/05/2013 € 320 (6 ) 10% pa $ 0.018 1.3283 Eardley Holding A.G. 03/01/2017 € 230 (2 ) 2.5% pa N/A N/A Round Enterprises Ltd. 03/01/2017 € 920 (2 ) 2.5% pa N/A N/A Eardley Holding A.G. 10/18/2017 € 230 (2 ) 2.5% pa N/A N/A Round Enterprises Ltd. 10/18/2017 € 920 (2 ) 2.5% pa N/A N/A Eardley Holding A.G. 06/01/2018 € 160 (7 ) 2.5% pa N/A N/A Round Enterprises Ltd. 06/01/2018 € 640 (7 ) 2.5% pa N/A N/A Eardley Holding A.G. 11/10/2018 € 160 (7 ) 2.5% pa N/A N/A Round Enterprises Ltd. 11/10/2018 € 640 (7 ) 2.5% pa N/A N/A Eardley Holding A.G. 06/15/2019 € 120 (8 ) 2.5% pa N/A N/A Round Enterprises Ltd. 06/15/2019 € 480 (8 ) 2.5% pa N/A N/A Eardley Holding A.G. 12/20/2019 € 120 (9 ) 2.5% pa N/A N/A Round Enterprises Ltd. 12/20/2019 € 480 (9 ) 2.5% pa N/A N/A Eardley Holding AG 06/15/2020 € 220 (10 ) 2.5% pa N/A N/A Round Enterprises Ltd. 06/15/2020 € 880 (10 ) 2.5% pa N/A N/A Total Short Term Principal Amounts € 33,919 Accrued Interest € 27,768 TOTAL LOANS AND NOTES € 61,687 (1) Private investment company of Dr. Thomas Staehelin, member of the Board of Directors and of the Audit Committee of the Company. Face value is stated at USD 190. (2) This maturity date is automatically prolonged for periods of three months, unless called for repayment. (3) Renamed Hyposwiss Private Bank Genève S.A. and acting on behalf of Round Enterprises Ltd. which is a major shareholder. (4) The loan is secured against 2/3rds of the IP assets of Bestewil Holding BV and against all property of the Company. (5) The face values of the loans are stated at USD 1,200 and USD 300, respectively. (6) This maturity date is automatically prolonged for periods of three months, unless called for repayment. The conversion price per share is determined by the lower of (i) reducing by 10% the price per share of the Company’s common stock paid by the investors in connection with an investment in the Company of not less than USD 20,000, or (ii) at the stated conversion price using a fixed exchange rate which are noted in the table above. (7) On June 1, 2018, Round Enterprises Ltd. and Eardley Holding AG each provided two promissory Notes for a total of €1,280 and €320 in two tranches, respectively, with a 2.5% interest per annum. The first tranche of the promissory Notes of €640 and €160, respectively, were provided immediately. The second tranche of the promissory notes of €640 and €160, respectively, were provided on November 10, 2018 with a 2.5% interest per annum. The maturity date of these promissory notes to follow the same principle of other convertible loans and is the later of (i) June 30, 2019, or (ii) the end of a subsequent calendar quarter in which the Company receives a written request from the lender for repayment of the unpaid principal and accrued interest due under the Notes. (8) On June 15, 2019, Round Enterprises Ltd. and Eardley Holding AG each provided a promissory Note of €480 and €120, respectively, with a 2.5% interest per annum. The maturity date of these promissory notes to follow the same principle of other convertible loans and is the later of (i) December 31, 2019, or (ii) the end of a subsequent calendar quarter in which the Company receives a written request from the lender for repayment of the unpaid principal and accrued interest due under the Notes. (9) On December 20, 2019, Round Enterprises Ltd. and Eardley Holding AG each provided a promissory Note of €480 and €120, respectively, with a 2.5% interest per annum. The maturity date of these promissory notes to follow the same principle of other convertible loans and is the later of (i) June 30, 2020, or (ii) the end of a subsequent calendar quarter in which the Company receives a written request from the lender for repayment of the unpaid principal and accrued interest due under the Notes. (10) On June 15, 2020, Round Enterprises Ltd. and Eardley Holding AG each provided a promissory Note of €880 and €220, respectively, with a 2.5% interest per annum. The maturity date of these promissory notes to follow the same principle of other convertible loans and is the later of (i) September 30, 2020, or (ii) the end of a subsequent calendar quarter in which the Company receives a written request from the lender for repayment of the unpaid principal and accrued interest due under the Notes. On April 2, 2020, the Swiss entity, Mymetics SA, received a Federal credit line of Chf 168 (€156) in relation with the Covid-19. This credit line applies for five years and is fully guaranteed by the Swiss Confederation via guarantee organizations. The interest rate is currently at 0 percent until March 31, 2021. The Swiss Confederation has the right to adjust the interest rate to the market rate. The first revision will take place as of April 1, 2021. |
3. Leases
3. Leases | 9 Months Ended |
Sep. 30, 2020 | |
Leases [Abstract] | |
Leases | The facility lease agreement for Epalinges, Switzerland, is automatically renewed month by month with a notice period of three months. The related rent is paid monthly in the amount of €4 and is considered a short-term lease. The facility lease agreement for Leiden, The Netherlands, runs until March 31, 2020 but was renewed until March 31, 2022 and can be terminated with a six-month notice as of September 30, 2021. The related rent is paid monthly in the amount of €9. The Company does not have any other operating lease for its research and development facilities, corporate headquarter, offices and equipment. |
1. The Company and Summary of_2
1. The Company and Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2020 | |
Accounting Policies [Abstract] | |
BASIS OF PRESENTATION AND GOING CONCERN | The amounts in the notes are shown in thousands of EURO, unless otherwise noted, and rounded to the nearest thousand except for share and per share amounts. The accompanying interim period consolidated financial statements of Mymetics Corporation (the "Company") set forth herein have been prepared by the Company pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (the "SEC"). Certain information and footnote disclosure normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted pursuant to such SEC rules and regulations. The interim period consolidated financial statements should be read together with the audited financial statements and the accompanying notes included in the Company's latest annual report on Form 10-K for the fiscal year ended December 31, 2019. The accompanying financial statements of the Company are unaudited. However, in the opinion of the Company, the unaudited condensed consolidated financial statements contained herein contain all adjustments necessary to present a fair statement of the results of the interim periods presented. All adjustments made during the three and nine-month period ending September 30, 2020 were of a normal and recurring nature. The Company was created for the purpose of engaging in vaccine research and development. Its main research efforts in the beginning have been concentrated in the prevention and treatment of the AIDS virus and malaria. The Company has established a network which enables it to work with education centers, research centers, pharmaceutical laboratories and biotechnology companies. Besides the HIV and malaria vaccine candidates under development, the Company additionally has the following vaccines in its pipeline; (i) Herpes Simplex which is at the pre-clinical stage and currently on hold, (ii) influenza for elderly which has finished a clinical trial Phase I, (iii) Respiratory Syncytial Virus (“RSV”) which is at the pre-clinical stage and currently on hold and (iv) Chikungunya virus at the discovery stage and currently on hold. As of September 30, 2020, the Company was engaged in the pre-clinical testing of some of its vaccine candidates, but a commercially viable product is not expected for several more years. However, the Company generated some revenue as of the prior quarter through collaboration and grant agreements. The Company is working on several research projects with commercial partners for immunotherapy in the fields of allergy and oncology and for some infectious diseases with academic partners. Since April 2020 the Company has additionally started to work on the development of a virosome-based vaccine to prevent Covid-19, the disease caused by the SARS-CoV-2 virus. For the Covid-19 vaccine candidates the Company is collaborating with leading academic institutions, such as Baylor College of Medicine in Texas. The allergy project is in collaboration with Anergis SA, for which the Company prepared virosome-based vaccines which include Anergis peptides for treating birch pollen allergy. These formulations were tested in two preclinical studies, compared to the Anergis’ earlier formulations and other comparators, and showed successful results. These consolidated financial statements have been prepared assuming the Company will continue as a going concern. The Company has experienced negative cash flows from operations and significant losses since inception resulting in an accumulated deficit of €92,095 at September 30, 2020. Further, the Company’s current liabilities exceed its current assets by €61,087 as of September 30, 2020, and there is no assurance that cash will become available to pay current liabilities in the near term. Management is seeking additional financing but there can be no assurance that management will be successful in any of those efforts. These conditions raise substantial doubt about our ability to continue as a going concern within one year from the issuance of the financial statements. IMPACT OF THE NOVEL CORONAVIRUS On January 30, 2020, the World Health Organization (“WHO”) announced a global health emergency because of a new strain of coronavirus originating in Wuhan, China (the “COVID-19 outbreak”) and the risks to the international community as the virus spreads globally beyond its point of origin. In March 2020, the WHO classified the COVID-19 outbreak as a pandemic, based on the rapid increase in exposure globally. The full impact of the COVID-19 outbreak continues to evolve as of the date of this report. As such, it is uncertain as to the full magnitude that the pandemic will have on the Company’s financial condition, liquidity, and future results of operations. Management is actively monitoring the global situation on its financial condition, liquidity, operations, scientific collaborations, suppliers, industry, and workforce. Given the daily evolution of the COVID-19 outbreak and the global responses to curb its spread, the Company is not able to estimate the effects of the COVID-19 outbreak on its results of operations, financial condition, or liquidity for fiscal year 2020. The Company’s partner for the oncology immunotherapy project in the Netherlands has decreased their laboratory experiments due to reduced operating hours in those facilities. While the Company considers this disruption to be temporary, continued disruption in this project will lead to delayed advances by the Company of its research and could negatively impact revenue for the remainder of fiscal year 2020 and the Company’s overall liquidity. The Company is dependent on its workforce to deliver and advance its research. Developments such as physical distancing and working from home directives have and will continue to impact the Company’s ability to deploy its workforce effectively. While expected to be temporary, prolonged workforce disruptions may negatively impact future revenues for the remainder of fiscal year 2020 and the Company’s overall liquidity. The Company is dependent on its partners in certain projects, such as the University of Louisiana at Lafayette (“ULL”) for the NIH funded project to maintain the agreed timelines and execute their tasks. Developments such as social distancing and shelter-in-place directives and lock-down directives have and will continue to impact the Company’s ability to execute on project plans and research objectives effectively. While expected to be temporary, prolonged disruptions in collaboration projects may negatively impact funding for the remainder of fiscal year 2020 and the Company’s overall liquidity. Although the Company cannot estimate the length or gravity of the impact of the COVID-19 outbreak at this time, if the pandemic continues, it may have a material adverse effect on the Company’s results of future operations, financial position, and liquidity for the remainder of fiscal year 2020. CORONAVIRUS AID, RELIEF AND ECONOMIC SECURITY ACT On March 27, 2020, the U.S. Government enacted the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) was signed into law. The CARES Act includes various income and payroll tax provisions. The Company has analyzed the tax provisions of the CARES Act and determined they have no significant financial impact to the condensed financial statements. The Company has no intention of taking advantage of other benefits provided by the CARES Act but will continue to evaluate the impact on the Company’s financial position. |
PRINCIPLES OF CONSOLIDATION | The condensed consolidated financial statements include the accounts of the Company and its subsidiaries. Significant intercompany accounts and transactions have been eliminated. |
NEW ACCOUNTING PRONOUNCEMENT | On January 1, 2020, the Company adopted Accounting Standard Update ("ASU") No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement, to improve the effectiveness of disclosures. The amendments remove, modify, and add certain disclosure requirements in Topic 820, “Fair Value Measurement.” The amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. The adoption had no impact on the Company's condensed consolidated financial statements. |
FOREIGN CURRENCY TRANSLATION | The Company translates non-Euro assets and liabilities of its subsidiaries at the rate of exchange at the balance sheet date. Revenues and expenses are translated at the average rate of exchange throughout the period. Unrealized gains or losses from these translations are reported as a separate component of comprehensive income. Transaction gains or losses are included in foreign exchange (gain) loss in the consolidated statements of comprehensive loss. The translation adjustments do not recognize the effect of income tax because the Company expects to reinvest the amounts indefinitely in operations. The Company's reporting currency is the Euro because substantially all of the Company's activities are conducted in Europe. |
CASH | The Company considers all highly liquid investments purchased with maturities of three months or less to be cash equivalents. Cash deposits are occasionally in excess of insured amounts. |
REVENUE RECOGNITION | The Company recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration which the Company expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that the Company determines are within the scope of ASU No. 2014-19, Revenue from Contracts with Customer The Company has concluded that government grants are not within the scope of Topic 606, as they do not meet the definition of a contract with a “customer”. The Company concluded the definition of a contract with a “customer” was not met as the counterparty to the government grants has not contracted to obtain goods or services and thus the contracts are not considered to have commercial substance. Government grants provide the Company with payments for certain types of expenditures related to research and development activities over a contractually defined period. Revenue from government grants is recognized in the period during which the related costs are incurred, provided that the applicable conditions under the government contracts have been met. NIH On April 29, 2019, the National Institutes of Health (“NIH”) awarded the Company and Texas Biomedical Research Institute (“Texas Biomed”) a five-year grant for the project called “Cold Chain-independent, Needle-free Mucosal Virosomal Vaccine to Prevent HIV-1 Acquisition at Mucosal Levels” (“NIH Grant”). The project started on May 1, 2019 and is planned for five years. It was initially co-led by Texas Biomed, but due to the move of Dr. Ruth Ruprecht, the Co-Principal Investigator, to the University of Louisiana at Lafayette (“ULL”) at the end of 2019, ULL has become the co-lead with Mymetics for this project. The overall budget related to the project is USD 8,850, with USD 1,940 approved for the first year, and USD 1,856 for the second year. The overall portion of the grant allocated to the Company is USD 5,930, with USD 1,190 approved for the first year, and USD 1,052 for the second year. To date, the sub-award contract between ULL and the Company for the second year (May 2020 to April 2021) is still pending for signature. The cost incurred since May 2020 as of September 30, 2020, mainly labor cost and stability studies for a total amount of €126, has not been recorded as revenue. For the overall project, to date, the Company has recognized €943 of grant revenue from the NIH related to the cost invoiced as of April 30, 2020. During 2020, €401 and €12 have been recognized during the nine and three months ended September 30, 2020, respectively. First results are expected to be reported in 2021. The project has the objective to prepare the Company’s promising HIV-1 vaccine candidate for clinical trials, by first executing a non-human primate (“NHP”) study, where the test subjects will be receiving Mymetics’ virosome based HIV-1 vaccine candidate by several intra-muscular and intra-nasal applications, followed by rectal challenges. As of September 30, 2020, Mymetics has successfully produced two sets of virosome based vaccines and the NHPs have received two intramuscular vaccinations and three intranasal vaccinations. The vaccinations were well tolerated and there were no safety issues. This study is ongoing. The vaccine is created to induce protective mucosal antibodies acting as a frontline defense against sexual HIV transmission. This newly awarded grant from the NIH can continue some of the developments that were achieved during the European Horizon 2020 project. License Agreement – UPPERTON Ltd. On July 26, 2019 Mymetics and Upperton Ltd. signed a License Agreement (the “Agreement”) that sets out the rights and obligations of the two parties with respect to the development, manufacturing and exploitation of certain virus-like particles based vaccines (which includes virosomes) into solid (powder or tablet) form that are based on each party’s background or pre-existing intellectual property (“IP”) and the foreground IP rights or the IP that was developed by either party or both parties during the Maciviva project and could be developed during future collaborations. Under the terms of the Agreement Mymetics receives an exclusive and royalty-free, worldwide license to use the Upperton background IP for the development, research, sale or in/out license for virus-like particle vaccines that use the foreground IP rights. All title, right and interest in and to all foreground IP rights vests in Mymetics for such development, research, sale or in/out license, and Mymetics is free to use and exploit such foreground IP rights. Mymetics has provided Upperton the non-exclusive license to manufacture virus-like particle-based vaccines for third parties for indications other than respiratory viruses, certain allergies, HIV, malaria and chikungunya. For these foreground IP licenses, the parties have agreed to pay each other a certain low single digit percentage of revenues, license fees and royalties that each of the parties receives from their exploitation. No revenue has been received nor recognized during the three and nine months ended September 30, 2020. License Agreement – ANERGIS SA In December 2018, the Company announced that the success criteria of the Research and Option to License Agreement with Anergis SA (“Anergis”) had been met. Under the terms of the Research Agreement, a pre-clinical study program evaluated the immunogenicity profile of the Anergis’ peptides designed to treat birch allergy when presented on Mymetics’ proprietary virosomes, with or without undisclosed TLR ligands or other adjuvants, and these results were compared to Anergis’ AllerT product combination. In October 2019 Anergis started a new evaluation study in collaboration with Stallergenes Greer SA, in which the Mymetics COP virosomes were evaluated in a preclinical study. On May 28, 2020 the Company announced that Stallergenes Greer and Anergis reported the results of the joint research study (the second study) evaluating the effects of the second generation Contiguous Overlapping Peptides (COP) allergen immunotherapy in a therapeutic model of birch allergy, with the aim of shortening the AIT administration schemes. In the second study, conducted by Stallergenes Greer, COP-Virosomes, and COP and virosomes alone were compared to a placebo group in an in-house therapeutic model of birch pollen allergy. Recombinant Bet v 1 alone (the major allergen of birch pollen) and birch extract were also used as controls in this setting. COP-virosomes were the only synthetic therapy able to fully reverse asthma symptoms as well as lung inflammation (i.e., significant reduction in eosinophils in bronchial fluids). Pro-allergic immune responses also decreased with COP-virosome therapy with a significant decrease of the IL-4, a Th2 cytokine. Anergis had a time limited option to license the virosomes from Mymetics in the field of allergies that requires Anergis to raise funds from third parties to pay Mymetics the license fee under the terms of the License and Collaboration Agreement and the clinical development. Although the option to license has expired as Anergis has not yet been able to raise sufficient funds, Anergis and Mymetics are currently in negotiation about a possible business relationship, but there is no assurance that this will be concluded. No revenue has been received nor recognized during the three and nine months ended September 30, 2020. |
RECEIVABLES | Receivables are stated at their outstanding principal balances. Management reviews the collectability of receivables on a periodic basis and determines the appropriate amount of any allowance. There was no allowance necessary at September 30, 2020 or December 31, 2019. The Company writes off receivables to the allowance when management determines that a receivable is not collectible. The Company may retain a security interest in the products sold. |
PROPERTY AND EQUIPMENT | Property and equipment is recorded at cost and is depreciated over its estimated useful life on straight-line basis from the date placed in service. Estimated useful lives are usually taken as three years. |
IMPAIRMENT OF LONG LIVED ASSETS | Long-lived assets, which include property and equipment, are assessed for impairment whenever events or changes in circumstances indicate the carrying amount of the asset may not be recoverable. The impairment testing involves comparing the carrying amount to the forecasted undiscounted future cash flows generated by that asset. In the event the carrying value of the assets exceeds the undiscounted future cash flows generated by that asset and the carrying value is not considered recoverable, impairment exists. An impairment loss is measured as the excess of the asset’s carrying value over its fair value, calculated using a discounted future cash flow method. An impairment loss would be recognized in net income (loss) in the period that the impairment occurs. |
GOODWILL | Goodwill represents the excess of purchase price over the value assigned to the net tangible and identifiable intangible assets of a business acquired. The Company typically performs its annual goodwill impairment test effective as of April 1 of each year, unless events or circumstances indicate impairment may have occurred before that time. The Company assesses qualitative factors to determine whether it is more likely than not that the fair value of the reporting unit is less than its carrying amount. After assessing qualitative factors, the Company determined that no further testing was necessary. If further testing was necessary, the Company would determine the fair value of each reporting unit and compare the fair value to the reporting unit’s carrying amount. The Company has one reporting unit. |
RESEARCH AND DEVELOPMENT | Research and development costs are expensed as incurred. |
TAXES ON INCOME | The Company accounts for income taxes under an asset and liability approach that requires the recognition of deferred tax assets and liabilities for expected future tax consequences of events that have been recognized in the Company's financial statements or tax returns. In estimating future tax consequences, the Company generally considers all expected future events other than enactments of changes in the tax laws or rates. The Company reports a liability, if any, for unrecognized tax benefits resulting from uncertain income tax positions taken or expected to be taken in an income tax return. Estimated interest and penalties, if any, are recorded as a component of interest expense and other expense, respectively. The Company has not recorded any liabilities for uncertain tax positions or any related interest and penalties at September 30, 2020, or December 31, 2019. The Company’s United States tax returns are open to audit for the years ended December 31, 2015 to 2018. The returns for the Swiss subsidiary, Mymetics S.A., are open to audit for the year ended December 31, 2019. The returns for the Netherlands subsidiaries, Bestewil B.V. and Mymetics B.V., are open to audit for the year ended December 31, 2019. |
EARNINGS PER SHARE | Basic earnings per share is computed by dividing net income or loss attributable to common shareholders by the weighted average number of common shares outstanding in the period. Diluted earnings per share takes into consideration common shares outstanding (computed under basic earnings per share) and potentially dilutive securities. For the periods ended September 30, 2020 and 2019, options and convertible debt were not included in the computation of diluted earnings per share because their effect would be anti-dilutive due to net losses incurred under the treasury stock method. For the three and nine months ended September 30, 2020, the basic weighted and diluted average number of shares was 303,757,622. The total potential number of shares issuable of 720,431,036 at September 30, 2020 includes 694,681,036 potential issuable shares related to convertible loans, and 25,750,000 potential issuable shares related to outstanding stock options granted to employees. For the three and nine months ended September 30, 2019, the basic weighted and diluted average number of shares was 303,757,622. The total potential number of shares issuable of 687,233,201 at September 30, 2019 includes 658,133,201 potential issuable shares related to convertible loans, and 29,100,000 potential issuable shares related to outstanding stock options granted to employees. |
PREFERRED STOCK | The Company has authorized 5,000,000 shares of preferred stock that may be issued in several series with varying dividend, conversion and voting rights. No preferred shares are issued or outstanding at September 30, 2020 or December 31, 2019. |
STOCK-BASED COMPENSATION | Compensation cost for all share-based payments is based on the estimated grant-date fair value. The Company amortizes stock compensation cost ratably over the requisite service period. The issuance of common shares for services is recorded at the quoted price of the shares on the date the shares are issued. No shares were issued to individuals as fee for services rendered in the nine months ended September 30, 2020 nor in the nine months ended September 30, 2019. During the three-month periods ended September 30, 2020 and 2019, stock compensation expense amounted to €0 and €0, respectively. Stock compensation expense amounted to €0 and €2 during the nine-month periods ended September 30, 2020 and 2019, respectively, and is included in the condensed consolidated statements of comprehensive loss within general and administrative expenses. |
ESTIMATES | The preparation of financial statements in conformity with United States generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
FAIR VALUE MEASUREMENTS | Fair value guidance establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include: Level 1- Quoted prices in active markets for identical assets or liabilities. Level 2- Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3- Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. |
FAIR VALUES OF FINANCIAL INSTRUMENTS | The Company generally has the following financial instruments: cash, receivables, accounts payable, and notes payable. The carrying value of cash, receivables and accounts payable, approximates their fair value based on the short-term nature of these financial instruments. Management believes that it is not practicable to estimate the fair value of the notes payable due to the unique nature of these instruments. |
CONCENTRATIONS | The Company derived 100% of grant revenue for the three and nine month periods ended September 30, 2020 and 93% for the three and nine month periods ended September 30, 2019 from one grantor, respectively. |
RELATED PARTY TRANSACTIONS | Mr. Ernest M. Stern, the Company’s outside U.S. counsel, is both a director of the Company and is a partner in Culhane Meadows PLLC, the firm retained as legal counsel by the Company. The Company incurred professional fees to the counsel's law firms totaling €4 and €12 for the three months ended September 30, 2020 and 2019 respectively; and €26 and €25 for the nine months ended September 30, 2020 and 2019, respectively. Two of the Company’s major shareholders have granted secured convertible notes and short-term convertible notes and promissory notes, which have a total carrying amount of €61,264 including interest due as of September 30, 2020. Conversion prices on the Euro-denominated convertible debt have been fixed to a fixed Euro/US dollar exchange rate. |
2. Debt Financing (Tables)
2. Debt Financing (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Debt Disclosure [Abstract] | |
Convertible notes, loans and contingent liabilities | Fixed Conversion Rate Lender 1st-Issue Principal Duration Interest Price EUR/USD Price Date Amount (Note) Rate (stated) Conversion Eardley Holding A.G. (1) 06/23/2006 € 162 (2 ) 10% pa $ 0.10 N/A Anglo Irish Bank S.A.(3) 10/21/2007 € 500 (2 ) 10% pa $ 0.50 1.4090 Round Enterprises Ltd. 12/10/2007 € 1,500 (2 ) 10% pa $ 0.50 1.4429 Round Enterprises Ltd. 01/22/2008 € 1,500 (2 ) 10% pa $ 0.50 1.4629 Round Enterprises Ltd. 04/25/2008 € 2,000 (2 ) 10% pa $ 0.50 1.5889 Round Enterprises Ltd. 06/30/2008 € 1,500 (2 ) 10% pa $ 0.50 1.5380 Round Enterprises Ltd. 11/18/2008 € 1,200 (2 ) 10% pa $ 0.50 1.2650 Round Enterprises Ltd. 02/09/2009 € 1,500 (2 ) 10% pa $ 0.50 1.2940 Round Enterprises Ltd. 06/15/2009 € 5,500 (2,4 ) 10% pa $ 0.80 1.4045 Eardley Holding A.G. 06/15/2009 € 100 (2,4 ) 10% pa $ 0.80 1.4300 Von Meyenburg 08/03/2009 € 200 (2 ) 10% pa $ 0.80 1.4400 Round Enterprises Ltd. 10/13/2009 € 2,000 (2 ) 5% pa $ 0.25 1.4854 Round Enterprises Ltd. 12/18/2009 € 2,200 (2 ) 5% pa $ 0.25 1.4338 Round Enterprises Ltd. 08/04/2011 € 1,024 (5,6 ) 10% pa $ 0.034 N/A Eardley Holding A.G. 08/04/2011 € 256 (5,6 ) 10% pa $ 0.034 N/A Round Enterprises Ltd. 11/08/2011 € 400 (6 ) 10% pa $ 0.034 1.3787 Eardley Holding A.G. 11/08/2011 € 100 (6 ) 10% pa $ 0.034 1.3787 Round Enterprises Ltd. 02/10/2012 € 1,000 (6 ) 10% pa $ 0.034 1.3260 Eardley Holding A.G. 02/14/2012 € 200 (6 ) 10% pa $ 0.034 1.3260 Round Enterprises Ltd. 04/19/2012 € 322 (6 ) 10% pa $ 0.034 1.3100 Eardley Holding A.G. 04/19/2012 € 80 (6 ) 10% pa $ 0.034 1.3100 Round Enterprises Ltd. 05/04/2012 € 480 (6 ) 10% pa $ 0.034 1.3152 Eardley Holding A.G. 05/04/2012 € 120 (6 ) 10% pa $ 0.034 1.3152 Round Enterprises Ltd. 09/03/2012 € 200 (6 ) 10% pa $ 0.034 1.2576 Eardley Holding A.G. 09/03/2012 € 50 (6 ) 10% pa $ 0.034 1.2576 Round Enterprises Ltd. 11/14/2012 € 500 (6 ) 10% pa $ 0.034 1.2718 Eardley Holding A.G. 12/06/2012 € 125 (6 ) 10% pa $ 0.034 1.3070 Round Enterprises Ltd. 01/16/2013 € 240 (6 ) 10% pa $ 0.034 1.3318 Eardley Holding A.G. 01/16/2013 € 60 (6 ) 10% pa $ 0.034 1.3318 Round Enterprises Ltd. 03/25/2013 € 400 (6 ) 10% pa $ 0.037 1.2915 Eardley Holding A.G. 04/14/2013 € 150 (6 ) 10% pa $ 0.034 1.3056 Round Enterprises Ltd. 04/14/2013 € 600 (6 ) 10% pa $ 0.034 1.3056 Eardley Holding A.G. 05/15/2013 € 170 (6 ) 10% pa $ 0.037 1.2938 Round Enterprises Ltd. 05/15/2013 € 680 (6 ) 10% pa $ 0.037 1.2938 Eardley Holding A.G. 06/24/2013 € 60 (6 ) 10% pa $ 0.025 1.3340 Round Enterprises Ltd. 06/24/2013 € 240 (6 ) 10% pa $ 0.025 1.3340 Eardley Holding A.G. 08/05/2013 € 80 (6 ) 10% pa $ 0.018 1.3283 Round Enterprises Ltd. 08/05/2013 € 320 (6 ) 10% pa $ 0.018 1.3283 Eardley Holding A.G. 03/01/2017 € 230 (2 ) 2.5% pa N/A N/A Round Enterprises Ltd. 03/01/2017 € 920 (2 ) 2.5% pa N/A N/A Eardley Holding A.G. 10/18/2017 € 230 (2 ) 2.5% pa N/A N/A Round Enterprises Ltd. 10/18/2017 € 920 (2 ) 2.5% pa N/A N/A Eardley Holding A.G. 06/01/2018 € 160 (7 ) 2.5% pa N/A N/A Round Enterprises Ltd. 06/01/2018 € 640 (7 ) 2.5% pa N/A N/A Eardley Holding A.G. 11/10/2018 € 160 (7 ) 2.5% pa N/A N/A Round Enterprises Ltd. 11/10/2018 € 640 (7 ) 2.5% pa N/A N/A Eardley Holding A.G. 06/15/2019 € 120 (8 ) 2.5% pa N/A N/A Round Enterprises Ltd. 06/15/2019 € 480 (8 ) 2.5% pa N/A N/A Eardley Holding A.G. 12/20/2019 € 120 (9 ) 2.5% pa N/A N/A Round Enterprises Ltd. 12/20/2019 € 480 (9 ) 2.5% pa N/A N/A Eardley Holding AG 06/15/2020 € 220 (10 ) 2.5% pa N/A N/A Round Enterprises Ltd. 06/15/2020 € 880 (10 ) 2.5% pa N/A N/A Total Short Term Principal Amounts € 33,919 Accrued Interest € 27,768 TOTAL LOANS AND NOTES € 61,687 (1) Private investment company of Dr. Thomas Staehelin, member of the Board of Directors and of the Audit Committee of the Company. Face value is stated at USD 190. (2) This maturity date is automatically prolonged for periods of three months, unless called for repayment. (3) Renamed Hyposwiss Private Bank Genève S.A. and acting on behalf of Round Enterprises Ltd. which is a major shareholder. (4) The loan is secured against 2/3rds of the IP assets of Bestewil Holding BV and against all property of the Company. (5) The face values of the loans are stated at USD 1,200 and USD 300, respectively. (6) This maturity date is automatically prolonged for periods of three months, unless called for repayment. The conversion price per share is determined by the lower of (i) reducing by 10% the price per share of the Company’s common stock paid by the investors in connection with an investment in the Company of not less than USD 20,000, or (ii) at the stated conversion price using a fixed exchange rate which are noted in the table above. (7) On June 1, 2018, Round Enterprises Ltd. and Eardley Holding AG each provided two promissory Notes for a total of €1,280 and €320 in two tranches, respectively, with a 2.5% interest per annum. The first tranche of the promissory Notes of €640 and €160, respectively, were provided immediately. The second tranche of the promissory notes of €640 and €160, respectively, were provided on November 10, 2018 with a 2.5% interest per annum. The maturity date of these promissory notes to follow the same principle of other convertible loans and is the later of (i) June 30, 2019, or (ii) the end of a subsequent calendar quarter in which the Company receives a written request from the lender for repayment of the unpaid principal and accrued interest due under the Notes. (8) On June 15, 2019, Round Enterprises Ltd. and Eardley Holding AG each provided a promissory Note of €480 and €120, respectively, with a 2.5% interest per annum. The maturity date of these promissory notes to follow the same principle of other convertible loans and is the later of (i) December 31, 2019, or (ii) the end of a subsequent calendar quarter in which the Company receives a written request from the lender for repayment of the unpaid principal and accrued interest due under the Notes. (9) On December 20, 2019, Round Enterprises Ltd. and Eardley Holding AG each provided a promissory Note of €480 and €120, respectively, with a 2.5% interest per annum. The maturity date of these promissory notes to follow the same principle of other convertible loans and is the later of (i) June 30, 2020, or (ii) the end of a subsequent calendar quarter in which the Company receives a written request from the lender for repayment of the unpaid principal and accrued interest due under the Notes. (10) On June 15, 2020, Round Enterprises Ltd. and Eardley Holding AG each provided a promissory Note of €880 and €220, respectively, with a 2.5% interest per annum. The maturity date of these promissory notes to follow the same principle of other convertible loans and is the later of (i) September 30, 2020, or (ii) the end of a subsequent calendar quarter in which the Company receives a written request from the lender for repayment of the unpaid principal and accrued interest due under the Notes. |
1. The Company and Summary of_3
1. The Company and Summary of Significant Accounting Policies (Details Narrative) - EUR (€) € in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Accumulated deficit | € (92,095) | € (92,095) | € (88,862) | ||
Weighted average number of shares outstanding, basic and diluted | 303,757,622 | 303,757,622 | 303,757,622 | 303,757,622 | |
Stock compensation expense | € 0 | € 2 | |||
Professional fees incurred and paid to a related party | € 4 | € 12 | € 26 | € 25 | |
Convertible Loans | |||||
Potential number of shares issuable | 694,681,036 | 658,133,201 | |||
Stock Options Granted to Employees | |||||
Potential number of shares issuable | 25,750,000 | 29,100,000 |
2. Debt Financing (Details)
2. Debt Financing (Details) € / shares in Units, € in Thousands | 9 Months Ended |
Sep. 30, 2020EUR (€)€ / shares | |
Principal amount | € 33,919 |
Total short term principal amounts | 33,919 |
Accrued interest | 27,768 |
Total loans and notes | € 61,687 |
Note 1 | |
Issuance date | Jun. 23, 2006 |
Principal amount | € 162 |
Interest rate | 10.00% |
Conversion price | € / shares | € 0.10 |
Fixed rate conversion | |
Note 2 | |
Issuance date | Oct. 21, 2007 |
Principal amount | € 500 |
Interest rate | 10.00% |
Conversion price | € / shares | € 0.50 |
Fixed rate conversion | 1.409 |
Note 3 | |
Issuance date | Dec. 10, 2007 |
Principal amount | € 1,500 |
Interest rate | 10.00% |
Conversion price | € / shares | € 0.50 |
Fixed rate conversion | 1.4429 |
Note 4 | |
Issuance date | Jan. 22, 2008 |
Principal amount | € 1,500 |
Interest rate | 10.00% |
Conversion price | € / shares | € 0.50 |
Fixed rate conversion | 1.4629 |
Note 5 | |
Issuance date | Apr. 25, 2008 |
Principal amount | € 2,000 |
Interest rate | 10.00% |
Conversion price | € / shares | € 0.50 |
Fixed rate conversion | 1.5889 |
Note 6 | |
Issuance date | Jun. 30, 2008 |
Principal amount | € 1,500 |
Interest rate | 10.00% |
Conversion price | € / shares | € 0.50 |
Fixed rate conversion | 1.538 |
Note 7 | |
Issuance date | Nov. 18, 2008 |
Principal amount | € 1,200 |
Interest rate | 10.00% |
Conversion price | € / shares | € 0.50 |
Fixed rate conversion | 1.265 |
Note 8 | |
Issuance date | Feb. 9, 2009 |
Principal amount | € 1,500 |
Interest rate | 10.00% |
Conversion price | € / shares | € 0.50 |
Fixed rate conversion | 1.294 |
Note 9 | |
Issuance date | Jun. 15, 2009 |
Principal amount | € 5,500 |
Interest rate | 10.00% |
Conversion price | € / shares | € 0.80 |
Fixed rate conversion | 1.4045 |
Note 10 | |
Issuance date | Jun. 15, 2009 |
Principal amount | € 100 |
Interest rate | 10.00% |
Conversion price | € / shares | € 0.80 |
Fixed rate conversion | 1.43 |
Note 11 | |
Issuance date | Aug. 3, 2009 |
Principal amount | € 200 |
Interest rate | 10.00% |
Conversion price | € / shares | € 0.80 |
Fixed rate conversion | 1.44 |
Note 12 | |
Issuance date | Oct. 13, 2009 |
Principal amount | € 2,000 |
Interest rate | 5.00% |
Conversion price | € / shares | € 0.25 |
Fixed rate conversion | 1.4854 |
Note 13 | |
Issuance date | Dec. 18, 2009 |
Principal amount | € 2,200 |
Interest rate | 5.00% |
Conversion price | € / shares | € 0.25 |
Fixed rate conversion | 1.4338 |
Note 14 | |
Issuance date | Aug. 4, 2011 |
Principal amount | € 1,024 |
Interest rate | 10.00% |
Conversion price | € / shares | € 0.034 |
Fixed rate conversion | |
Note 15 | |
Issuance date | Aug. 4, 2011 |
Principal amount | € 256 |
Interest rate | 10.00% |
Conversion price | € / shares | € 0.034 |
Fixed rate conversion | |
Note 16 | |
Issuance date | Nov. 8, 2011 |
Principal amount | € 400 |
Interest rate | 10.00% |
Conversion price | € / shares | € 0.034 |
Fixed rate conversion | 1.3787 |
Note 17 | |
Issuance date | Nov. 8, 2011 |
Principal amount | € 100 |
Interest rate | 10.00% |
Conversion price | € / shares | € 0.034 |
Fixed rate conversion | 1.3787 |
Note 18 | |
Issuance date | Feb. 10, 2012 |
Principal amount | € 1,000 |
Interest rate | 10.00% |
Conversion price | € / shares | € 0.034 |
Fixed rate conversion | 1.326 |
Note 19 | |
Issuance date | Feb. 14, 2012 |
Principal amount | € 200 |
Interest rate | 10.00% |
Conversion price | € / shares | € 0.034 |
Fixed rate conversion | 1.326 |
Note 20 | |
Issuance date | Apr. 19, 2012 |
Principal amount | € 322 |
Interest rate | 10.00% |
Conversion price | € / shares | € 0.034 |
Fixed rate conversion | 1.31 |
Note 21 | |
Issuance date | Apr. 19, 2012 |
Principal amount | € 80 |
Interest rate | 10.00% |
Conversion price | € / shares | € 0.034 |
Fixed rate conversion | 1.31 |
Note 22 | |
Issuance date | May 4, 2012 |
Principal amount | € 480 |
Interest rate | 10.00% |
Conversion price | € / shares | € 0.034 |
Fixed rate conversion | 1.3152 |
Note 23 | |
Issuance date | May 4, 2012 |
Principal amount | € 120 |
Interest rate | 10.00% |
Conversion price | € / shares | € 0.034 |
Fixed rate conversion | 1.3152 |
Note 24 | |
Issuance date | Sep. 3, 2012 |
Principal amount | € 200 |
Interest rate | 10.00% |
Conversion price | € / shares | € 0.034 |
Fixed rate conversion | 1.2576 |
Note 25 | |
Issuance date | Sep. 3, 2012 |
Principal amount | € 50 |
Interest rate | 10.00% |
Conversion price | € / shares | € 0.034 |
Fixed rate conversion | 1.2576 |
Note 26 | |
Issuance date | Nov. 14, 2012 |
Principal amount | € 500 |
Interest rate | 10.00% |
Conversion price | € / shares | € 0.034 |
Fixed rate conversion | 1.2718 |
Note 27 | |
Issuance date | Dec. 6, 2012 |
Principal amount | € 125 |
Interest rate | 10.00% |
Conversion price | € / shares | € 0.034 |
Fixed rate conversion | 1.307 |
Note 28 | |
Issuance date | Jan. 16, 2013 |
Principal amount | € 240 |
Interest rate | 10.00% |
Conversion price | € / shares | € 0.034 |
Fixed rate conversion | 1.3318 |
Note 29 | |
Issuance date | Jan. 16, 2013 |
Principal amount | € 60 |
Interest rate | 10.00% |
Conversion price | € / shares | € 0.034 |
Fixed rate conversion | 1.3318 |
Note 30 | |
Issuance date | Mar. 25, 2013 |
Principal amount | € 400 |
Interest rate | 10.00% |
Conversion price | € / shares | € 0.037 |
Fixed rate conversion | 1.2915 |
Note 31 | |
Issuance date | Apr. 14, 2013 |
Principal amount | € 150 |
Interest rate | 10.00% |
Conversion price | € / shares | € 0.034 |
Fixed rate conversion | 1.3056 |
Note 32 | |
Issuance date | Apr. 14, 2013 |
Principal amount | € 600 |
Interest rate | 10.00% |
Conversion price | € / shares | € 0.034 |
Fixed rate conversion | 1.3056 |
Note 33 | |
Issuance date | May 15, 2013 |
Principal amount | € 170 |
Interest rate | 10.00% |
Conversion price | € / shares | € 0.037 |
Fixed rate conversion | 1.2938 |
Note 34 | |
Issuance date | May 15, 2013 |
Principal amount | € 680 |
Interest rate | 10.00% |
Conversion price | € / shares | € 0.037 |
Fixed rate conversion | 1.2938 |
Note 35 | |
Issuance date | Jun. 24, 2013 |
Principal amount | € 60 |
Interest rate | 10.00% |
Conversion price | € / shares | € 0.025 |
Fixed rate conversion | 1.334 |
Note 36 | |
Issuance date | Jun. 24, 2013 |
Principal amount | € 240 |
Interest rate | 10.00% |
Conversion price | € / shares | € 0.025 |
Fixed rate conversion | 1.334 |
Note 37 | |
Issuance date | Aug. 5, 2013 |
Principal amount | € 80 |
Interest rate | 10.00% |
Conversion price | € / shares | € 0.018 |
Fixed rate conversion | 1.3283 |
Note 38 | |
Issuance date | Aug. 5, 2013 |
Principal amount | € 320 |
Interest rate | 10.00% |
Conversion price | € / shares | € 0.018 |
Fixed rate conversion | 1.3283 |
Note 39 | |
Issuance date | Mar. 1, 2017 |
Principal amount | € 230 |
Interest rate | 2.50% |
Conversion price | € / shares | |
Fixed rate conversion | |
Note 40 | |
Issuance date | Mar. 1, 2017 |
Principal amount | € 920 |
Interest rate | 2.50% |
Conversion price | € / shares | |
Fixed rate conversion | |
Note 41 | |
Issuance date | Oct. 18, 2017 |
Principal amount | € 230 |
Interest rate | 2.50% |
Conversion price | € / shares | |
Fixed rate conversion | |
Note 42 | |
Issuance date | Oct. 18, 2017 |
Principal amount | € 920 |
Interest rate | 2.50% |
Conversion price | € / shares | |
Fixed rate conversion | |
Note 43 | |
Issuance date | Jun. 1, 2018 |
Principal amount | € 160 |
Interest rate | 2.50% |
Conversion price | € / shares | |
Fixed rate conversion | |
Note 44 | |
Issuance date | Jun. 1, 2018 |
Principal amount | € 640 |
Interest rate | 2.50% |
Conversion price | € / shares | |
Fixed rate conversion | |
Note 45 | |
Issuance date | Nov. 10, 2018 |
Principal amount | € 160 |
Interest rate | 2.50% |
Conversion price | € / shares | |
Fixed rate conversion | |
Note 46 | |
Issuance date | Nov. 10, 2018 |
Principal amount | € 640 |
Interest rate | 2.50% |
Conversion price | € / shares | |
Fixed rate conversion | |
Note 47 | |
Issuance date | Jun. 15, 2019 |
Principal amount | € 120 |
Interest rate | 2.50% |
Conversion price | € / shares | |
Fixed rate conversion | |
Note 48 | |
Issuance date | Jun. 15, 2019 |
Principal amount | € 480 |
Interest rate | 2.50% |
Conversion price | € / shares | |
Fixed rate conversion | |
Note 49 | |
Issuance date | Dec. 20, 2019 |
Principal amount | € 120 |
Interest rate | 2.50% |
Conversion price | € / shares | |
Fixed rate conversion | |
Note 50 | |
Issuance date | Dec. 20, 2019 |
Principal amount | € 480 |
Interest rate | 2.50% |
Conversion price | € / shares | |
Fixed rate conversion | |
Note 51 | |
Issuance date | Jun. 15, 2020 |
Principal amount | € 220 |
Interest rate | 2.50% |
Conversion price | € / shares | |
Fixed rate conversion | |
Note 52 | |
Issuance date | Jun. 15, 2020 |
Principal amount | € 880 |
Interest rate | 2.50% |
Conversion price | € / shares | |
Fixed rate conversion |
2. Debt Financing (Details Narr
2. Debt Financing (Details Narrative) € in Thousands | Sep. 30, 2020EUR (€) |
Debt Disclosure [Abstract] | |
Total loans and notes | € 61,687 |