Note 8 - Convertible Notes - Related Party

3 Months Ended

Mar. 31, 2021

Notes to Financial Statements

Long-term Convertible Notes Related Party [Text Block]

NOTE

8

–

CONVERTIBLE NOTES - RELATED PARTY

Convertible notes - related party consists of the following at:

	March 31, 2021		December 31, 2020
Convertible note in default due to the spouse of Bill Chaaban, CEO of CEN, which bears an interest at 12% per annum. This note is convertible to 867,576 common shares and matured on August 17, 2020.	$	1,388,122	$	1,388,122
Convertible notes in default due to Harold Aubrey de Lavenu, a Vice President and Director of CEN, bearing interest at 5% per annum. These notes are convertible to 548,980 common shares and matured on March 31, 2019.		878,368		878,368
Convertible note in default due to Alex Tarrabain, CFO and 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 in default due to Joseph Byrne, former CEO, and current President and member of the board of CEN, bearing interest at 12% per annum. This note is convertible to 140,120 common shares and matured on August 17, 2020.		224,191		224,191
Convertible note due to Darren Ferris, brother of Ameen Ferris, a Vice President and 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		20,000
Total convertible notes payable - related party (all current)	$	2,558,681	$	2,558,681

Attributable related party accrued interest was

$1,106,285

and

$1,046,911

as of

March 31, 2021

and

December 31, 2020,

respectively. Interest expense attributable to related party convertible notes was

$59,374,

and

$59,869

for the

three

months ended

March 31, 2021

and

2020,

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

May 12, 2021,

we are currently in default of

$2,538,681

of convertible notes payable, which are convertible into

1,586,676

shares of common stock.