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Loans Payable	6 Months Ended
Jun. 30, 2021
Loans Payable
Loans Payable	3. Loans Payable As of June 30, 2021, the Company had received loans of $480,524 (€225,000; CAD$ 60,000; $165,725) (December 31, 2020 - $522,552: €225,000; CAD$ 60,000; $199,600) from stockholders; loans of $131,268 (CAD$ 27,600; $109,000) (December 31, 2020 – $130,677: CAD$ 27,600; $109,000) from a related party and loans of $74,878 (CAD$ 10,000; $66,810) (December 31, 2020 – $74,664: CAD$ 10,000; $66,810) from unrelated third parties. Loans of $92,935 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 $489,568 and $515,263 is included in accounts payable and accrued expenses at June 30, 2021 and December 31, 2020, respectively. Interest expense recognized on these loans was $6,823 for the three months ended June 30, 2021, compared to $10,432 for the three months ended June 30, 2020, respectively. Interest expense recognized on these loans was $16,427 for the six months ended June 30, 2021, compared to $20,733 for the six months ended June 30, 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.

Loans Payable

6 Months Ended

Jun. 30, 2021

3. Loans Payable

As of June 30, 2021, the Company had received loans of $480,524 (€225,000; CAD$ 60,000; $165,725) (December 31, 2020 - $522,552: €225,000; CAD$ 60,000; $199,600) from stockholders; loans of $131,268 (CAD$ 27,600; $109,000) (December 31, 2020 – $130,677: CAD$ 27,600; $109,000) from a related party and loans of $74,878 (CAD$ 10,000; $66,810) (December 31, 2020 – $74,664: CAD$ 10,000; $66,810) from unrelated third parties. Loans of $92,935 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 $489,568 and $515,263 is included in accounts payable and accrued expenses at June 30, 2021 and December 31, 2020, respectively. Interest expense recognized on these loans was $6,823 for the three months ended June 30, 2021, compared to $10,432 for the three months ended June 30, 2020, respectively. Interest expense recognized on these loans was $16,427 for the six months ended June 30, 2021, compared to $20,733 for the six months ended June 30, 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.