Note 10 - Loans Payable - Related Party

12 Months Ended

Dec. 31, 2017

Notes to Financial Statements

Loans Payable to Related Party [Text Block]

NOTE

10

– LOANS PAYABLE- RELATED PARTY

Loans payable - related party consists of the following at

December 31:

	2017		2016
Related party loan payable to Bill Chaaban, President of CEN, bears an interest at 10% per annum. This is an unsecured loan with a maturity date of December 31, 2018.	$	237,423	$	244,948
Related party loan payable to a former director of Creative, former parent company, bears interest at 10% per annum. This is an unsecured loan with a maturity date of December 31, 2018.		601,500		601,500
Related party loan payable to R&D Labs Canada, Inc., whose president is Bill Chaaban, also the President of CEN, bearing interest at 8% per annum. This is an unsecured loan with a maturity date of October 2, 2019. R&D Labs Canada is a company owned by Bill Chaaban’s spouse.		300,000		-
Total loans payable - related party		1,138,923		846,448
Less: current portion		838,923		846,448
Long-term portion loans payable - related party	$	300,000	$	-

Accrued interest was

$248,100

and

$158,290

as of

December 31, 2017

and

2016,

respectively. Interest expense attributable to related party loans was

$89,892

and

$84,329

in

2017

and

2016,

respectively.