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Note 3: Loans Payable
6 Months Ended
Jun. 30, 2019
Disclosure Text Block [Abstract]  
Note 3: Loans Payable

3. Loans Payable

 

As of June 30, 2019, the Company had received loans of $584,289 (€225,000; CAD$ 72,300; $273,107) (December 31, 2018 - $583,593: €225,000; CAD$ 72,300; $273,107) from stockholders; loans of $130,089 (CAD$ 27,600; $109,000) (December 31, 2018 – $129,231: CAD$ 27,600; $109,000) from a related party and loans of $58,741 (CAD$ 10,000; $51,100) (December 31, 2018 – $47,330: CAD$ 10,000; $40,000) from unrelated third parties. All of the loans bear interest at 6% per annum. The loans were made in 3 different currencies, Euros, Canadian Dollars and US Dollars. All amounts reflected on these financial statements are expressed in US Dollars. Repayment of the loans is due on closing of any future financing arrangement by the Company. The balance of accrued interest of $495,026 and $470,192 is included in accounts payable and accrued expenses at June 30, 2019 and December 31, 2018, respectively. Interest expense recognized on these loans was $11,430 for the three months ended June 30, 2019, compared to $12,771 for the three months ended June 30, 2018, respectively. Interest expense recognized on these loans was $24,058 for the six months ended June 30, 2019, compared to $25,784 for the six months ended June 30, 2018, respectively.