Loans Payable	12 Months Ended
Dec. 31, 2021
Loans Payable
Loans Payable	3. Loans Payable As of December 31, 2021, the Company had loans outstanding of $15,500 (December 31, 2020 - $522,552: €225,000; CAD$ 60,000; $199,600) from stockholders; loans of $300 (December 31, 2020 – $130,677: CAD$ 27,600; $109,000) from a related party and loans of $nil 0 (December 31, 2020 – $74,664: CAD$ 10,000; $66,810) from unrelated third parties. The majority of the historical loans bore interest at 6% per annum while $92,935 of the loans were non-interest bearing. The historical loans were made in 3 different currencies, Euros, Canadian Dollars and US Dollars. The current loan outstanding bears interest at 5% per annum. The balance of accrued interest of $85 and $515,263 is included in accounts payable and accrued liabilities at December 31, 2021 and December 31, 2020, respectively. Interest expense recognized on these loans was $19,207 for the year ended December 31, 2021, compared to $51,902 for the year ended December 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. During the year ended December 31, 2021, the Company extinguished $50,000 in loans payable to stockholders and corresponding accrued interest of $38,945. On July 23, 2021, loans payable to stockholders of $480,960, and $74,762, respectively, loans payable to a related party of $130,947, accrued interest of $361,283 on loans payable to stockholders, and accrued interest of $89,124 on loans payable to a related party were settled by the issuance of 21,127,123 common shares pursuant to three debt settlement agreements dated April 1, 2021, and five debt settlement agreements dated June 30, 2021. On July 23, 2021, accounts payable and accrued liabilities of $262,056 were settled by the issuance of 6,551,392 common shares pursuant to two debt settlement agreements dated June 30, 2021. On November 10, 2020, debt in the amount of $224,560 due on loans or payables, including accrued interest, and in payment for services rendered in the amount of $36,000 were settled by the issuance of 2,605,600 common shares pursuant to three debt settlement agreements dated November 10, 2020. The Company recorded a loss on settlement of debt of $263,165.

Loans Payable

12 Months Ended

Dec. 31, 2021

3. Loans Payable

As of December 31, 2021, the Company had loans outstanding of $15,500 (December 31, 2020 - $522,552: €225,000; CAD$ 60,000; $199,600) from stockholders; loans of $300 (December 31, 2020 – $130,677: CAD$ 27,600; $109,000) from a related party and loans of $nil 0 (December 31, 2020 – $74,664: CAD$ 10,000; $66,810) from unrelated third parties. The majority of the historical loans bore interest at 6% per annum while $92,935 of the loans were non-interest bearing. The historical loans were made in 3 different currencies, Euros, Canadian Dollars and US Dollars. The current loan outstanding bears interest at 5% per annum. The balance of accrued interest of $85 and $515,263 is included in accounts payable and accrued liabilities at December 31, 2021 and December 31, 2020, respectively. Interest expense recognized on these loans was $19,207 for the year ended December 31, 2021, compared to $51,902 for the year ended December 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.

During the year ended December 31, 2021, the Company extinguished $50,000 in loans payable to stockholders and corresponding accrued interest of $38,945.

On July 23, 2021, loans payable to stockholders of $480,960, and $74,762, respectively, loans payable to a related party of $130,947, accrued interest of $361,283 on loans payable to stockholders, and accrued interest of $89,124 on loans payable to a related party were settled by the issuance of 21,127,123 common shares pursuant to three debt settlement agreements dated April 1, 2021, and five debt settlement agreements dated June 30, 2021.

On July 23, 2021, accounts payable and accrued liabilities of $262,056 were settled by the issuance of 6,551,392 common shares pursuant to two debt settlement agreements dated June 30, 2021.

On November 10, 2020, debt in the amount of $224,560 due on loans or payables, including accrued interest, and in payment for services rendered in the amount of $36,000 were settled by the issuance of 2,605,600 common shares pursuant to three debt settlement agreements dated November 10, 2020. The Company recorded a loss on settlement of debt of $263,165.