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Loan Payable
3 Months Ended
Mar. 31, 2021
Accounts Payable [Abstract]  
Loan Payable [Text Block]

7. Loan Payable

 

atai Life Sciences ("atai") has granted to the Company a secured loan in the amount of $2,000,000, bearing interest at 8%.  The securities purchase agreement provides that an amendment is to be entered into at the initial closing of the atai transaction under which the maturity date will be following the first closing of a subscription for additional units if the proceeds from such subscription amount to at least $3,000,000. The loan provides for the possibility of an additional advance to the Company of up to $500,000, subject to certain conditions. The loan is guaranteed by the Company and secured by all present and future movable property, rights and assets of the Company, excluding any intellectual property or technology controlled or owned by the Company.  The loan bears interest at 8%. The interest for the three-month period ended March 31, 2021 amounts to $10,000 and is recorded in financing and interest expense