Note 10 - Convertible Notes - Related Party

9 Months Ended

Sep. 30, 2019

Notes to Financial Statements

Long-term Convertible Notes Related Party [Text Block]

NOTE

1

0

– CONVERTIBLE NOTES - RELATED PARTY

Convertible notes - related party consists of the following at:

	September 30, 2019		December 31, 2018
Convertible note due to the spouse of Bill Chaaban, President of CEN, which bears an interest at 12% per annum. This note is convertible to 867,576 common shares with a maturity date of August 17, 2020.	$	1,388,122	$	1,388,122
Convertible notes in default due to Harold Aubrey de Lavenu, a Director of CEN, bearing interest at 5% per annum. These notes are convertible to 548,980 common shares which matured on March 31, 2019.		878,368		878,368
Convertible note in default due to Alex Tarrabain, a Director of CEN, bearing interest at 5% per annum. This note is convertible to 30,000 common shares and matured on March 31, 2019.		48,000		48,000
Convertible notes due to Joseph Byrne, CEO of CEN, bearing interest at 12% per annum. This note is convertible to 140,120 common shares with a maturity date of August 17, 2020.		224,191		224,191
Convertible note due to Darren Ferris, brother of Ameen Ferris, a Director of CEN, bearing interest at 5% per annum. This note is convertible to 12,500 common shares with a maturity date of June 19, 2021.		20,000		-
Total convertible notes payable - related party		2,558,681		2,538,681
Less current portion		2,538,681		926,368
Convertible notes payable - related party, less current portion	$	20,000	$	1,612,313

Attributable related party accrued interest was

$763,475

and

$588,854

as of

September 30, 2019

and

December 31, 2018,

respectively. Interest expense attributable to related party convertible notes was

$60,694,

and

$62,605

for the

three

months ended

September 30, 2019

and

2018,

respectively, and was

$179,621

and

$183,261

for the

nine

-months ended

September 30, 2019

and

2018,

respectively.

These notes

may

be converted at the option of the note holder at any time after registration of CEN’s common stock upon written notice by the note holder. These notes are convertible into a total of

1,599,176

common shares.

As of

November 18, 2019,

we are currently in default of

$926,368

of convertible notes payable, which are convertible into

578,980

shares of common stock.