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Advances From Stockholders
12 Months Ended
Dec. 31, 2019
Debt Disclosure [Abstract]  
Advances From Stockholders

5.

Advances From Stockholders


 

December 31,

December 31,

 

2019

2018

 

 

 

Due to Ben Ward – former CEO

$74,861

$74,861

During the year ended December 31, 2016, Ben Ward, the former CEO of the Company transferred personal shareholdings to a vendor of the Company and assumed the debt previously owed to the vendor. The amount is non-interest bearing, unsecured and has no specified terms of repayment.

 

 

Due to David Mason – former Director and Consultant

75,825

61,888

On February 18, 2013, the Company entered into a short term loan agreement with David Mason, at the time a director of the Company, in the amount of CDN$25,000, with $7,500 common shares. The loan was formerly interest bearing at 1% compounded monthly, with an original maturity of April 18, 2013 and if unpaid thereafter bearing interest at 22.5%. The loan is secured by a 10% interest in the Mortimer property, which the Company no longer owns, or 150,000 shares of common stock. As the maturity has passed, the amount plus accrued interest is now due on demand. Interest expense on the loan was CDN$18,287 ($13,884) in 2019 and CDN$14,990 ($10,989) in 2018, which is included in the amount of the loan.

 

 

Due to Friggi N. A. Inc., a company under the control of Benedetto Fuschino, President and CEO of the Company. The amount of the advances in 2019 totaled US $135,503, these amounts are non-interest bearing, unsecured and have no terms of repayment. (see note 12- Subsequent Events)

    280,892

      145,389

Due to 1873942 Ontario Inc., a company under the control of Dino Micacchi, Secretary-Treasurer and CFO of the Company. These amounts are non-interest bearing, unsecured and have no terms of repayment.

           4,850

          4,850

Due to Northern Rock Works Inc., a company controlled by Scott Keevil, stockholder and consultant to the Company. These amounts are non-interest bearing, unsecured and had no terms of repayment.

          7,592

           7,445

Advances from stockholders

$444,020

$294,433