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LOANS PAYABLE

12 Months Ended

Dec. 31, 2021

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