Quarterly report pursuant to Section 13 or 15(d)

Related Party Transactions

v3.22.2.2
Related Party Transactions
6 Months Ended
Jun. 30, 2022
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS

NOTE 14 – RELATED PARTY TRANSACTIONS

 

The Company had a secured note payable to Mr. Garrett Gruener, its investor, with a balance of $1,000,000 at June 25, 2021 and December 31, 2020. The note and related accrued interest of $603,778 were exchanged for an equal amount of Convertible Equity in the June 25, 2021 financing. As a result of the exchange as part of the merger, the Company issued a senior secured convertible note to Mr. Garrett Gruener, its investor, with a principal amount of $1,603,778 and 779,025 5-year warrants exercisable at $2.0587. The issuance of the note and warrants resulted in a loss on modification of debt of $2,385,204. As of June 30, 2022 and December 31, 2021, the note balance was $1,603,778.

 

The Company has a Senior Secured Convertible Notes to Garrett Gruener, its investor, for a principal amount $1,816,666. As of June 30, 2022 and December 31, 2021, the note net of unamortized discount balance was $464,238 and $0, respectively.

 

The Company had accrued salary payable and accounts payable to Mr. Ludvigson, its Chief Executive Officer, with a total balance of $84,500 as of June 30, 2022 and a balance of $50,000 as of December 31, 2021.

 

Included in the account payable and accrued expenses at June 30, 2022 and December 31, 2021 are amounts due shareholders, officers and directors of Boston Therapeutics in the amounts of $304,973.

 

The summary of related party balances as of June 30, 2022 and December 31, 2021:

 

    30-Jun-22     31-Dec-21  
Account payable and accrued expenses, related party:      
Mr. Ludvigson     84,500       50,000  
Loraine Upham     11,995       11,995  
Loraine Upham accrued compensation     188,716       188,716  
David Platt     4,399       4,399  
S. Colin Neill     73,750       73,750  
Upham Bioconsulting, LLC     6,113       6,113  
Uphambc Consulting     20,000       20,000  
    $ 389,473     $ 354,973  
                 
Senior Secured Convertible note, related party:                
Mr. Gruener     2,068,016       1,603,778  
    $ 2,068,016     $ 1,603,778