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Note 3: Loans Payable
3 Months Ended
Mar. 31, 2021
Disclosure Text Block [Abstract]  
Note 3: Loans Payable

3. Loans Payable

 

As of March 31, 2021, the Company had received loans of $511,372 (€225,000; CAD$ 60,000; $199,600) (December 31, 2020 - $522,552: €225,000; CAD$ 60,000; $199,600) from stockholders; loans of $130,948 (CAD$ 27,600; $109,000) (December 31, 2020 – $130,677: CAD$ 27,600; $109,000) from a related party and loans of $74,762 (CAD$ 10,000; $66,810) (December 31, 2020 – $74,664: CAD$ 10,000; $66,810) from unrelated third parties. Loans of $76,810 are non-interest bearing. All other 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 $518,634 and $515,263 is included in accounts payable and accrued expenses at March 31, 2021 and December 31, 2020, respectively. Interest expense recognized on these loans was $9,604 for the three months ended March 31, 2021, compared to $10,301 for the three months ended March 31, 2020, respectively.

 

On March 30, 2020, loans of $60,000 and corresponding interest of $37,104 were settled by the issuance of 971,040 common shares pursuant to three debt settlement agreements dated March 3, 2020, March 4, 2020 and March 4, 2020. The Company recorded a loss on settlement of debt of $19,421.