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LOANS PAYABLE | 12 Months Ended
--- | ---
Dec. 31, 2021
Loans Payable |
LOANS PAYABLE | 19. LOANS PAYABLE SCHEDULE OF LOANS PAYABLE
|  | December 31, 2021 |  |  | December 31, 2020 |
Opening balance |  | $ | 97,916 |  |  | $ | - |
Acquisition of loans |  |  | - |  |  |  | 120,851 |
Issuance of loans payable |  |  | 60,000 |  |  |  | 60,000 |
Fair value adjustment |  |  | (24,576 | ) |  |  | (26,152 | )
Repayment of loans payable |  |  | (44,428 | ) |  |  | (57,873 | )
Accretion expense |  |  | 4,405 |  |  |  | 1,090 |
Ending balance |  | $ | 93,317 |  |  | $ | 97,916 |
SCHEDULE OF LOANS
|  | Start Date |  | Maturity Date |  | Rate |  |  | Carrying Value December 31, 2021 |  |  | Carrying Value December 31, 2020 |
CEBA |  | 2020-05-19 |  | 2022-12-31 |  |  | 0 | % |  | $ | 37,384 |  |  | $ | 34,938 |
CEBA |  | 2021-04-23 |  | 2022-12-31 |  |  | 0 | % |  |  | 37,383 |  |  |  | - |
Vehicle loan |  | 2019-08-30 |  | 2024-09-11 |  |  | 6.99 | % |  |  | 18,550 |  |  |  | 25,295 |
Shopify loan |  | 2020-08-05 |  |  |  |  | 7.00 | % |  |  | - |  |  |  | 37,683 |
Total |  |  |  |  |  |  |  |  |  | $ | 93,317 |  |  | $ | 97,916 |
On May 19, 2020, Dronelogics received a $40,000 CEBA loan. This loan is currently interest-free and 25% of the loan, up to $10,000, is forgivable if the loan is repaid on or before December 31, 2022. If the loan is not repaid by that date, the loan can be converted to a three-year term loan at an interest rate of 5%. On December 4, 2020, the Government of Canada allowed for an expansion of the CEBA loan by $20,000, of which, an additional $10,000 is forgivable if the loan is repaid on or before December 31, 2022. On April 23, 2021, Draganfly Innovations Inc. received a $60,000 CEBA loan. This loan is currently interest free and up to $20,000 is forgivable if the loan is repaid on or before December 31, 2022. If the loan is not repaid by that date, the loan can be converted to a three-year term loan at an interest rate of 5%. The CEBA loans are unsecured and the vehicle loan is secured by the vehicle and the Shopify loan is secured by the Company’s accounts receivable. Draganfly Inc. Notes to the Consolidated Financial Statements For The Year Ended December 31, 2021 Expressed in Canadian Dollars

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- Definition The disclosure of loans and advances to customers. [Refer: Loans and advances to customers] + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name IAS -Number 1 -IssueDate 2021-01-01 -Paragraph 10 -Subparagraph e -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=1&code=ifrs-tx-2021-en-r&anchor=para_10_e&doctype=Standard -URIDate 2021-03-24 + Details
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