Investment in and Due to Related Company

6 Months Ended

Jun. 30, 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 June 30, 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. The Company received US$150,000 from the Widal Foundation, through AQUAtap, to assist in the payment for construction of an AQUAtap Water Purification and Distribution System. Widal had a contract with the Company and AQUAtap for this system.

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 June 30, 2022, the Company advanced $21,358 to AQUAtap reducing the balance owing to $12,606. The advances are non-interest bearing and due on demand.