Year

Issued

Interest Rate

Range

Term of Notes

Conversion

Price

Principal

Outstanding

December 31,

2019

Discount

Amount

December 31,

2019

Carrying

Amount

December 31,

2019

Shares

Underlying

Notes

December 31, 2019

Principal

Outstanding

December 31,

2018

Discount

Amount

December 31, 2018

As Restated

Carrying

Amount

December 31, 2018

As Restated

Shares

Underlying

Notes

December 31,

2018

Notes payable

2013

10%

Due on demand

—

$

920

$

—

$

920

—

$

909

$

—

$

909

—

2015

10%

Due on demand

—

—

—

—

—

10

—

10

—

2016

10% - 11%

Due on demand

—

—

—

—

—

843

—

843

—

2017

5% - 11%

Due on demand

—

—

—

—

—

2,575

—

2,575

—

2018

10% - 11%

Due on demand- 18 months

—

—

—

—

—

12,311

9,511

2,800

—

2019

11%

Due on demand - 6 months

2,829

—

2,829

—

—

—

—

—

$

3,749

$

—

$

3,749

—

$

16,648

$

9,511

$

7,137

—

Current

$

3,749

$

—

$

3,749

—

$

12,448

$

6,236

$

6,212

—

Non-current

$

—

$

—

$

—

—

$

4,200

$

3,275

$

925

—

Notes payable - related party

2016

10% - 11%

Due on demand

—

$

20

$

—

$

20

—

$

270

—

$

270

—

2017

10%

Due on demand

—

—

—

—

—

39

—

39

—

2018

11%

Due on demand

—

159

—

159

—

159

—

159

—

2019

10%

Due on demand

—

14

—

14

—

—

—

—

—

$

193

$

—

$

193

—

$

468

$

—

$

468

—

Current

$

193

$

—

$

193

—

$

468

$

—

$

468

—

Convertible debentures

2019

10%

18 months

$

9.52

$

10,200

$

3,185

$

7,015

1,080,415

(a)

$

—

$

—

$

—

—

$

10,200

$

3,185

$

7,015

1,080,415

$

—

$

—

$

—

—

Current

$

10,200

$

3,185

$

7,015

1,080,415

$

—

$

—

$

—

—

Convertible notes payable

2011

10%

5 years

$

3.05

$

—

$

—

$

—

—

$

300

$

—

$

300

98,285

2014

10%

Due on demand - 2 years

$3.05 - $3.60

—

—

—

—

519

—

519

183,648

2016

10%

1 year

$

4.50

—

—

—

—

61

—

61

16,753

2017

10%

Due on demand - 1 year

$3.50 - $4.50

—

—

—

—

2,820

349

2,471

899,613

2018

6% - 10%

Due on demand - 2 years

$3.50 - $10.00

3,000

5

2,995

363,876

(b)

19,556

6,169

13,387

3,661,427

$

3,000

$

5

$

2,995

363,876

$

23,256

$

6,518

$

16,738

4,859,726

Current

$

3,000

$

5

$

2,995

363,876

$

16,604

$

5,351

$

11,253

3,981,232

Non-current

$

—

$

—

$

—

—

$

6,652

$

1,167

$

5,485

881,210

Convertible notes payable - related party

2012

10%

Due on demand

$

3.30

$

—

$

—

$

—

—

$

200

$

—

$

200

74,182

2015

10%

2 years

$

4.50

—

—

—

—

200

—

200

58,350

2017

10%

2 years

$

10.00

—

—

—

—

5,000

311

4,689

532,671

2018

10%

2 years

$

10.00

—

—

—

—

9,400

871

8,529

971,963

$

—

$

—

$

—

—

$

14,800

$

1,182

$

13,618

1,637,166

Current

$

—

$

—

$

—

—

$

5,400

$

311

$

5,089

665,203

Non-current

$

—

$

—

$

—

—

$

9,400

$

871

$

8,529

971,963

Grand Total

$

17,142

$

3,190

$

13,952

1,444,291

$

55,172

$

17,211

$

37,961

6,496,892

(a) The notes are convertible into Emmaus Life Sciences, Inc. shares.

(b) This note is convertible into EMI Holding Inc. shares.

Liability instrument—10% Senior Secured Convertible Debentures

July 19, 2019

December 31, 2018

Balance, beginning of period

$

7,540

$

—

Fair value at issuance date

9,686

Change in fair value included in the statement of comprehensive income (loss)

(1,204

)

(2,146

)

Fair value at reclassification to equity

(6,336

)

—

Balance, end of period

$

—

$

7,540