Note 7 - Loans Payable

9 Months Ended

Sep. 30, 2021

Notes to Financial Statements

Short-term Debt [Text Block]

NOTE 7 – LOANS PAYABLE

Loans payable consist of the following at:

	September 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 September 21, 2021. This was assumed on October 7, 2021 by the Sellers as described in Note 6.		302,186		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 matured on July 16, 2021.		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 matures on December 16, 2021.		100,000		100,000
Loans payable in default to multiple private investors bearing an interest at rates of up to 12% per annum, which matured at various dates between June 2018 and May 2021.		592,395		-
Loans payable to a private investor for the original amount of CAD 1,104,713, bearing interest at 7% per annum. This is due on demand.		867,089		-
Total loans payable (all current)	$	1,986,670	$	527,379

During each of the three-month periods ended September 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 September 30, 2021 and 2020, $10,926 and $12,960 in interest expense and additional paid-in capital was recorded, respectively.

During each of the nine-month periods ended September 30, 2021 and 2020, 54,000 common shares were issued to individuals in connection with interest terms of the above loans. Accordingly, during the nine-month periods ended September 30, 2021 and 2020, $52,266 and $38,880 in interest expense and additional paid-in capital was recorded, respectively.

During the three and nine-month periods ended September 30, 2021, certain private investors amended their convertible notes payable totaling $1,209,484 and $1,459,484, respectively, which were convertible into 549,830 and 677,955 common shares, respectively. 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.