Note 8 - Loans Payable - Related Parties

3 Months Ended

Mar. 31, 2018

Notes to Financial Statements

Loans Payable to Related Party [Text Block]

NOTE

8

– LOANS PAYABLE – RELATED

PART

IES

Loans payable – related parties consists of the following:

	March 31, 2018		December 31, 2017
Loan payable to the spouse of 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.	$	236,377	$	237,423
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
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		300,000
Loan payable to the spouse of Joseph Byrne, CEO of CEN, issued January 12, 2018 with a 30-day maturity, bearing share interest of 4,000 common shares per 30-day period. This is an unsecured loan with an extended maturity date June 15, 2018.		100,000		-
Loan payable to Alex Tarrabain, a Director of CEN, issued January 17, 2018 with a 30-day maturity, bearing share interest of 3,000 common shares per 30-day period. This is an unsecured loan with an extended maturity date of June 15, 2018.		75,000		-
Loan payable to Joseph Byrne, CEO of CEN, issued January 24, 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 – related parties		1,362,877		1,138,923
Less current portion		1,062,877		838,923
Loans payable – related parties, less current portion	$	300,000	$	300,000

In

March 2018,

Bill Chaaban, President of CEN, fully assigned and transferred all rights, title, and interests in his loans and related accrued interest due from CEN to his spouse.

Attributable related party accrued interest was

$262,219

and

$248,100

as of

March 31, 2018

and

December 31, 2017,

respectively. Interest expense attributable to related party loans was

$43,042

and

$20,018

for the

three

-months ended

March 31, 2018

and

2017,

respectively.

During the

three

-month period ended

March 31, 2018,

27,000

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

$16,740

in related party interest expense, as included above, and additional paid-in capital was recorded.

No

such common shares were issued during the

three

-month period ended

March 31, 2017.