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Note 9: Convertible Loan
12 Months Ended
Dec. 31, 2020
Disclosure Text Block [Abstract]  
Note: 9. Convertible Loan

9. Convertible Loans

 

On May 18, 2016, the Company issued a convertible promissory note to CaiE that accrues 10% per annum, in exchange for $50,000, initially due on November 17, 2017. The note is convertible into the Company’s common stock, in whole or in part, at any time prior to maturity at the option of the holder, at $0.20 per share. Since the conversion price was lower than the closing share price on the issuance date, a beneficial conversion feature was recognized as a discount against the debt. The maturity date of the note has been extended by amendment, to March 31, 2021, while all other terms of the note remain unchanged. During the year ended December 31, 2020 and 2019, no discount was amortized as interest expense. Interest expense recognized on this loan was $5,000 for the year ended December 31, 2020, compared to $5,000 for the year ended December 31, 2019. As at December 31, 2020, and December 31, 2019, the balance of the note was $50,000.

 

On October 12, 2018, the Company issued a convertible note to CaiE that accrues 10% per annum, in exchange for a series of loans that totaled $57,800 initially due on October 11, 2019. The note is convertible into the Company’s common stock, in whole or in part, at any time prior to maturity at the option of the holder at $0.20 per share. Since the conversion price was lower than the closing share price on the issuance date, a beneficial conversion feature was recognized as a discount against the debt. The maturity date of the note has been extended by amendment, to March 31, 2021, while all other terms of the note remain unchanged. During the year ended December 31, 2020 and 2019, $nil and $45,059 of the discount was amortized as interest expense. Interest expense recognized on this loan was $5,780 for the year ended December 31, 2020, compared to $5,780 for the year ended December 31, 2019. As at December 31, 2020 and December 31, 2019, the balance of the note was $57,800.