XML 20 R9.htm IDEA: XBRL DOCUMENT v3.20.1
Note 3: Loans Payable
12 Months Ended
Dec. 31, 2019
Disclosure Text Block [Abstract]  
Note 3: Loans Payable

3. Loans Payable

 

As of December 31, 2019, the Company had received loans of $581,379 (€225,000; CAD$ 72,300; $273,107) (December 31, 2018 - $583,593: €225,000; CAD$ 72,300; $273,107) from stockholders, loans of $130,249 (CAD$ 27,600; $109,000) (December 31, 2018 – $129,231: CAD$ 27,600; $109,000) from a related party and loans of $84,509 (CAD$ 10,000; $76,810) (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 $521,156 and $470,192 is included in accounts payable and accrued liabilities at December 31, 2019 and December 31, 2018, respectively. Interest expense recognized on these loans was $57,484 for the year ended December 31, 2019, compared to $51,207 for the year ended December 31, 2018, respectively.