Note 3 - Advances to CEN Biotech Ukraine and Loan Receivable from Emergence Global	3 Months Ended
Mar. 31, 2021
Notes to Financial Statements
Advances to Related Party [Text Block]	NOTE 3 – ADVANCES TO CEN BIOTECH UKRAINE AND LOAN RECEIVABLE FROM EMERGENCE GLOBAL At both March 31, 2021 and December 31, 2020, the Company had an outstanding loan agreement with Emergence Global Enterprises Inc. (“Emergence Global”), a related party (see Note 11 ), and advanced funds of $17,901. The loan was made for the purpose of funding the operations of Emergence Global. The loan was unsecured, non-interest bearing, and was due on December 31, 2021. At the time the loan was made, Joseph Byrne, the CEO of Emergence Global was not an officer or director of the Company. He was at that time a 5% shareholder and former CEO of the Company. He was then appointed as the President and a director of the Company on April 19, 2021. Additionally, our CEO, Bill Chaaban was appointed as the President of Emergence Global on April 12, 2021. In light of Section 402 of the Sarbanes-Oxley Act of 2002, as of May 6, 2021, the loan to Emergence Global has been repaid in full, through the issuance to the Company of shares of Emergence Global common stock, and is no longer outstanding. See Note 16, Subsequent Events. At March 31, 2021 and December 31, 2020, the Company had advances of $1,229,328 and $1,179,328, respectively, to CEN Biotech Ukraine, LLC, a related party (see Note 11 ). The advances were for the purpose of funding the operations of CEN Biotech Ukraine, LLC. Bahige (Bill) Chaaban, our Chief Executive Officer and member of our Board of Directors, and Usamakh Saadikh, a member of our Board of Directors, each directly own 25.5% of CEN Ukraine respectively. The remaining 49% of CEN Ukraine is owned by XN Pharma, which is an entity jointly owned by Bahige (Bill) Chaaban and Usamakh Saadikh. Bahige (Bill) Chaaban and Usamakh Saadikh do not currently hold any positions with CEN Ukraine. CEN Ukraine is operated and controlled by its sole director. Pursuant to Ukrainian law, shareholders of a company do not have the ability to control the company or the actions of its director. CEN Ukraine is operated under the direction of its management pursuant to the guidelines of Ukrainian law. These loans are unsecured, non-interest bearing, and are due on demand.

NOTE

–

ADVANCES TO CEN BIOTECH UKRAINE AND LOAN RECEIVABLE FROM EMERGENCE GLOBAL

At both

March 31, 2021

and

December 31, 2020,

the Company had an outstanding loan agreement with Emergence Global Enterprises Inc. (“Emergence Global”), a related party (see Note

), and advanced funds of

$17,901.

The loan was made for the purpose of funding the operations of Emergence Global. The loan was unsecured, non-interest bearing, and was due on

December 31, 2021.

At the time the loan was made, Joseph Byrne, the CEO of Emergence Global was

not

an officer or director of the Company. He was at that time a

shareholder and former CEO of the Company. He was then appointed as the President and a director of the Company on

April 19, 2021.

Additionally, our CEO, Bill Chaaban was appointed as the President of Emergence Global on

April 12, 2021.

In light of Section

402

of the Sarbanes-Oxley Act of

2002,

as of

May 6, 2021,

the loan to Emergence Global has been repaid in full, through the issuance to the Company of shares of Emergence Global common stock, and is

longer outstanding. See Note

16,

Subsequent Events.

March 31, 2021

and

December 31, 2020,

the Company had advances of

$1,229,328

and

$1,179,328,

respectively, to CEN Biotech Ukraine, LLC, a related party (see Note

). The advances were for the purpose of funding the operations of CEN Biotech Ukraine, LLC.

Bahige (Bill) Chaaban, our Chief Executive Officer and member of our Board of Directors, and Usamakh Saadikh, a member of our Board of Directors, each directly own

25.5%

of CEN Ukraine respectively. The remaining

49%

of CEN Ukraine is owned by XN Pharma, which is an entity jointly owned by Bahige (Bill) Chaaban and Usamakh Saadikh. Bahige (Bill) Chaaban and Usamakh Saadikh do

not

currently hold any positions with CEN Ukraine. CEN Ukraine is operated and controlled by its sole director. Pursuant to Ukrainian law, shareholders of a company do

not

have the ability to control the company or the actions of its director. CEN Ukraine is operated under the direction of its management pursuant to the guidelines of Ukrainian law. These loans are unsecured, non-interest bearing, and are due on demand.