5. LOANS PAYABLE

12 Months Ended

Dec. 31, 2019

Loans Payable [Abstract]

NOTE 5 - LOANS PAYABLE

At December 31, 2019, the Company had the following loans payable:

i) $0 (2018: $1,000): unsecured; interest at 15% per annum; originally due on April 20, 2012. Accrued interest payable on the loan at December 31, 2019 was $0 (2018: $3,518). During 2019, the Company reached an agreement with the lender to settle the outstanding principal of $1,000 and accrued interest of $3,555 for a payment of $2,500. Interest of $2,055 was forgiven and credited to interest expense for the year.

ii) $0 (2018: $5,000): unsecured; interest at 10% per annum from January 10, 2015. Accrued interest payable on the loan at December 31, 2019 was $5,819 (2018: $20,749). During the year ended December 31, 2019, the Company repaid $14,929 of accrued interest (2018: $0) and $5,000 of principal (2018: $20,000). No further interest was required to be accrued after January 10, 2019, when the final principal balance outstanding was repaid.

· The outstanding principal, and any accrued interest was due and payable on written demand in full (never received) on the earlier of June 9, 2015 or the date on which the Company completes one or more debt or equity financings that generate aggregate gross proceeds of at least $250,000;

· The Company has the right to repay all or any part of the Principal and any accrued interest to the lender at any time and from time to time, without any premium.

· There are no changes to the terms as a result of the loan being in default.