Note 5 - Loans Payable

6 Months Ended

Jun. 30, 2021

Notes to Financial Statements

Short-term Debt [Text Block]

NOTE 5 – LOANS PAYABLE

Loans payable consist of the following at:

	June 30, 2021		December 31, 2020
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 was previously secured by equipment that the Company disposed of on August 1, 2020.	$	75,000	$	75,000
Mortgage payable in default to ARG & Pals, Inc., for the original amount of CAD 385,000. The mortgage bears interest at 22% per annum, is unsecured, and matured on November 21, 2018.		310,618		302,379
Loan payable 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 matures on August 16, 2021.		50,000		50,000
Loan payable 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 matures on August 16, 2021.		100,000		100,000
Loans payable in default to multiple private investors bearing an interest at rates of up to 5% per annum, maturing at various dates between June 2018 and May 2021.		250,000		-
Total loans payable (all current)	$	785,618	$	527,379

During each of the three-month periods ended June 30, 2021 and 2020, 18,000 common shares were issued to individuals in connection with interest terms of the above loans. Accordingly, during the three-month periods ended June 30, 2021 and 2020, $16,500 and $12,960 in interest expense and additional paid-in capital was recorded, respectively.

During each of the six-month periods ended June 30, 2021 and 2020, 36,000 common shares were issued to individuals in connection with interest terms of the above loans. Accordingly, during the six-month periods ended June 30, 2021 and 2020, $41,340 and $25,920 in interest expense and additional paid-in capital was recorded, respectively.

During the three-month period ended June 30, 2021, certain private investors amended their convertible notes payable totaling $250,000, which were convertible into 128,125 common shares. As a result of the amendments, these notes no longer contain a conversion feature and have been reclassified to loans payable from convertible notes payable.