Note 7 - Loans Payable

3 Months Ended

Mar. 31, 2018

Notes to Financial Statements

Short-term Debt [Text Block]

NOTE

7

–

LOANS PAYABLE

Loans payable consist of the following:

	March 31, 2018		December 31, 2017
Loan payable to Global Holdings International, LLC, which bears interest at 15% per annum after defaulting on the maturity date of June 30, 2016. This note is secured by the Company's equipment.	$	9,675,000	$	9,675,000
Mortgage payable to ARG & Pals, Inc., for the original amount of CAD $385,000. The mortgage bears interest at 22% per annum, with an extended maturity date of September 21, 2018.		298,606		306,883
Loan payable to an individual, issued January 17, 2018 with a 30-day maturity, bearing share interest of 2,000 common shares per 30-day period. This is an unsecured loan with an extended maturity date of June 15, 2018.		50,000		-
Total loans payable (all current)	$	10,023,606	$	9,981,883

The

$9,675,000

loan in default is secured by certain equipment valued at approximately

$11,000.

During the

three

-month period ended

March 31, 2018,

16,400

common shares were issued to individuals for loans made to CEN. Accordingly,

$10,168

in interest expense and additional paid-in capital was recorded.

No

such common shares were issued during the

three

-month period ended

March 31, 2017