Note 6 - Loans Payable

3 Months Ended

Mar. 31, 2020

Notes to Financial Statements

Short-term Debt [Text Block]

NOTE

6

– LOANS PAYABLE

Loans payable consist of the following:

	March 31, 2020		December 31, 2019
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 in default to ARG & Pals, Inc., for the original amount of CAD 385,000. The mortgage bears interest at 22% per annum, and matured on November 21, 2018.		271,386		296,411
Loan payable in default 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 which matured on January 16, 2020.		50,000		50,000
Loan payable in default to an individual, issued April 13, 2018, with a 30-day maturity, bearing share interest of 4,000 common shares per 30-day period. This is an unsecured loan which matured on January 16, 2020.		100,000		100,000
Total loans payable (all current)	$	10,096,386	$	10,121,411

We are in default of

$9,675,000

of debt that is secured by certain equipment that we value at approximately

$9,000.

The remainder of our debt that is in default is

not

secured.

During each of the

three

-month periods ended

March 31, 2020

and

2019,

18,000

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

three

-month periods ended

March 31, 2020

and

2019,

$12,960

and

$18,180

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