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Advances From Stockholders (Tables)
3 Months Ended
Mar. 31, 2020
Debt Disclosure [Abstract]  
Schedule of Related Stockholders and Various Individuals and Corporations

The Company has advances from related stockholders and various individuals and corporations who are not related parties.  

 

March 31,

2020

December 31, 2019

 

 

 

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

76,691

75,825

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 C1 Mortimer property, which the Company no longer owns, or 150,000 common stock. As the maturity has passed, the amount plus accrued interest is now due on demand. Interest expense on the loan was CDN$5,681 ($4,340) in 2020 and CDN$12,287 ($9,154) in 2019, which is included in the amount of the loan.

 

 

 

 

 

Due to Benedetto Fuschino, President and CEO of the Company and to a company under his control. The amounts are non-interest bearing, unsecured and have no terms of repayment.

319,416

280,892

 

 

 

Due to Scott Keevil, stockholder and consultant to the Company, due to a company under his control. The amounts of the advances totalled CDN$10,000, these amounts are non-interest bearing, unsecured and have no terms of repayment.

7,161

7,592

 

 

 

Due to Dino Micacchi, stockholder and CFO of the Company, due to a company under his control. The amounts are non-interest bearing, unsecured and have no terms of repayment.

4,850

4,850

Advances From Stockholders

$    482,979

$    444,020