Investment in and Due to Related Company

3 Months Ended

Mar. 31, 2022

Investments, All Other Investments [Abstract]

Investment in and Due to Related Company

3. Investment in and Due to Related Company

During the year ended December 31, 2019, the Company invested $7,600 in AQUAtap Oasis Partnership S.A.R.L. (“AQUAtap”), a limited liability company domiciled in the Democratic Republic of the Congo, and by doing so obtained 38% of the issued and outstanding shares in AQUAtap. The Company accounts for this investment using the equity method. AQUAtap did not have and income or losses for the period ended March 31, 2022 or in the years ended December 31, 2021 and 2020.

As at December 31, 2020, AQUAtap had advanced $183,964 to the Company in order to assist in the financing, for construction and delivery of certain of the Company’s products. Of that amount, $150,000 represented a prepayment of the sale by the ultimate purchaser. During the year ended December 31, 2021, the sale was completed and the Company recorded the prepayment as a sale. Accordingly, as at December 31, 2021, the account was reduced by $150,000 to a balance of $33,964. During the period ended March 31, 2022, the Company advanced $7,958 to AQUAtap reducing the balance owing to $26,006. The advances are non-interest bearing and due on demand.