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Loan Payable
6 Months Ended
Jun. 30, 2021
Accounts Payable [Abstract]  
Loan Payable [Text Block]

6. Loan Payable

 

 atai Life Sciences ("atai") has granted to the Company a secured loan in the initial amount of $2,000,000, bearing interest at 8%.  An additional advance in the amount of $500,000 was also granted in May 2021. Together with the initial amount of $2,000,000, atai has granted a total amount of $2,500,000 to the Company. The maturity date of this loan will be following the business day after the first closing of the first subscription for Additional Units (note 11) if the proceeds from such subscription amount to at least $3,000,000 in the aggregate. 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 six-month period ended June 30, 2021 amounts to $55,000 and is recorded in financing and interest expense