Note 8 - Loans Payable- Related Party

9 Months Ended

Sep. 30, 2021

Notes to Financial Statements

Loans Payable to Related Party [Text Block]

NOTE 8 – LOANS PAYABLE- RELATED PARTY

Loans payable - related party consists of the following at:

	September 30, 2021		December 31, 2020
Loan payable in default due to the spouse of Bill Chaaban, CEO of CEN, which bears an interest at 12% per annum. This loan matured on August 17, 2020.	$	1,388,122	$	-
Loans payable in default to the spouse of Bill Chaaban, CEO 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.		236,830		236,854
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 CEO 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, and current President and member of the board 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 December 16, 2021.		100,000		100,000
Loan payable to Alex Tarrabain, CFO and 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 December 16, 2021.		75,000		75,000
Loan payable to Joseph Byrne, a 5% shareholder and former CEO, and current President and member of the board of CEN, issued January 24, 2018 with a 30-day maturity, bearing share interest of 2,000 common shares per 30-day period. This loan was repaid in June 2021.		-		50,000
Total loans payable - related party (all current)	$	2,701,452	$	1,363,354

Attributable related party accrued interest was $644,360 and $568,969 as of September 30, 2021 and December 31, 2020, respectively. Interest expense attributable to related party loans was $39,927 and $46,504 for the three-months ended September 30, 2021 and 2020, respectively, and was $155,452 and $138,275 for the nine-months ended September 30, 2021 and 2020, respectively.

During the three-month periods ended September 30, 2021 and 2020, 21,000 and 27,000 common shares, respectively, were issued to related parties in connection with interest terms of the above loans made to CEN. Accordingly, during the three-month periods ended September 30, 2021 and 2020, $12,747 and $19,440 in related party interest expense and additional paid-in capital was recorded, respectively.

During the nine-month periods ended September 30, 2021 and 2020, 75,000 and 81,000 common shares, respectively, were issued to related parties in connection with interest terms of the above loans made to CEN. Accordingly, during the nine-month periods ended September 30, 2021 and 2020, $74,757 and $58,320 in related party interest expense and additional paid-in capital was recorded, respectively.