Note 10 - Loans Payable - Related Party

12 Months Ended

Dec. 31, 2019

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:

	2019		2018
Loans payable in default to the spouse of Bill Chaaban, President of CEN, for the original amounts of CAD $48,630 and USD $198,660, bear interest at 10% per annum. These are unsecured loans that matured on December 31, 2018.	$	236,100	$	234,306
Loans payable in default to a former director of Creative, former parent company, bear interest at 10% per annum. This are unsecured loans that matured on December 31, 2018.		601,500		601,500
Loan payable in default 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 that matured on 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 January 16, 2020.		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 January 16, 2020.		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 January 16, 2020.		50,000		50,000
Total loans payable - related party		1,362,600		1,360,806
Less: current portion		1,362,600		1,360,806
Long-term portion loans payable - related party	$	-	$	-

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

$460,784

and

$357,373

as of

December 31, 2019

and

2018,

respectively. Interest expense attributable to related party loans was

$209,661

and

$184,250

in

2019

and

2018,

respectively.

During both

2019

and

2018,

108,000

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

2019

and

2018,

$101,250

and

$77,490

in related party interest expense and additional paid-in capital was recorded, respectively.