Note 8 - Loans Payable - Related Party

3 Months Ended

Mar. 31, 2019

Notes to Financial Statements

Loans Payable to Related Party [Text Block]

NOTE

8

– LOANS PAYABLE- RELATED PARTY

Loans payable - related party consists of the following at:

	March 31, 2019		December 31, 2018
Loan payable in default to the spouse of Bill Chaaban, President of CEN, bears an interest at 10% per annum. This is an unsecured loan that matured on December 31, 2018.	$	235,050	$	234,306
Loan payable in default to a former director of Creative, former parent company, bears interest at 10% per annum. This is an unsecured loan that matured on 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 in default 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 that matured on May 16, 2019.		100,000		100,000
Loan payable in default 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 that matured on May 16, 2019.		75,000		75,000
Loan payable in default 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 that matured on May 16, 2019.		50,000		50,000
Total loans payable - related party		1,361,550		1,360,806
Less: current portion		1,361,550		1,360,806
Long-term portion loans payable - related party	$	-	$	-

Attributable related party accrued interest was

$384,187

and

$357,373

as of

March 31, 2019

and

December 31, 2018,

respectively. Interest expense attributable to related party loans was

$26,814

and

$43,042

for the

three

-months ended

March 31, 2019

and

2018,

respectively.

During both

three

-month periods ended

March 31, 2019

and

2018,

27,000

common shares were issued to related parties in connection with interest terms of the above loans made to CEN. Accordingly, during the

three

-month periods ended

March 31, 2019

and

2018,

$27,270

and

$16,740

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