Note 9 - Loans Payable - Related Party

12 Months Ended

Dec. 31, 2020

Notes to Financial Statements

Loans Payable to Related Party [Text Block]

NOTE

9

–

LOANS PAYABLE- RELATED PARTY

Loans payable - related party consists of the following at

December 31:

	2020		2019
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.	$	236,854	$	236,100
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 to the spouse of Joseph Byrne, a 5% shareholder and former 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 matures on March 16, 2021.		100,000		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 that matures on March 16, 2021.		75,000		75,000
Loan payable to Joseph Byrne, a 5% shareholder and former 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 matures on March 16, 2021.		50,000		50,000
Total loans payable - related party		1,363,354		1,362,600
Less: current portion		1,363,354		1,362,600
Long-term portion loans payable - related party	$	-	$	-

Attributable related party accrued interest was

$568,969

and

$460,784

as of

December 31, 2020

and

2019,

respectively. Interest expense attributable to related party loans was

$202,640

and

$209,661

in

2020

and

2019,

respectively.

During both

2020

and

2019,

108,000

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

2020

and

2019,

$95,580

and

$101,250

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