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Notes Payable | 12 Months Ended
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Dec. 31, 2019
Debt Disclosure [Abstract] |
Notes Payable | 7. Notes Payable The following tables shows the balance of the notes payable as of December 31, 2019 and 2018:
Balance as at December 31, 2017 |  | $ | 275,844 |
Additions |  |  | 22,639 |
Payment |  |  | (11,058 | )
Balance as at December 31, 2018 |  | $ | 287,425 |
Additions |  |  | - |
Payments |  |  | (19,544 | )
Balance as at December 31, 2019 |  | $ | 267,881 |
2019 Notes Payable During the year ended December 31, 2019 the Company extended the maturity dates of all secured promissory notes in the amount of $79,000 and $96,091 ($123,231 Canadian Dollars) to be due on April 1, 2021. During the year ended December 31, 2019 the Company extended the maturity dates of all unsecured promissory notes in the amount of $50,000 and $53,848 ($67,700 Canadian Dollars) to be due on October 8, 2020 and November 3, 2020 respectively. During the year ended December 31, 2019 the Company repaid $9,545 ($12,000 Canadian dollars) and $10,000 of its unsecured promissory notes. In addition, the Company paid $8,113 in interest for outstanding unsecured promissory notes. 2018 Notes Payable During the year ended December 31, 2018, the Company issued two additions to the original unsecured promissory note of July 2016, totaling $22,639 ($30,884 Canadian dollars). Interest is accrued at 18% per annum, payable monthly. The payment terms of the original note including these additions are due “upon completion of going public on the Canadian Securities Exchange, with no change in interest rate. 2017 Notes Payable During the year ended December 31, 2017, the Company issued an unsecured promissory note in the amount of $9,545 ($12,000 Canadian Dollars). The unsecured promissory note was due in August 2018 and bears interest at a rate of 18% per annum, payable monthly. As the note is in good standing, the payment terms have been extended indefinitely with no change in interest rate. During the year ended December 31, 2017, the Company issued secured promissory notes in the amount of $53,848 ($67,700 Canadian Dollars). The secured promissory notes were due in October and November 2018 and bears interest at a rate of 12% per annum. The secured promissory notes are secured by Company inventory and personal assets held by the CEO. As the note is in good standing, the payment terms have been extended with no change in interest rate. Refer to 2019 notes payable above for note extension. During the year ended December 31, 2017, the Company issued secured promissory notes in the amount of $60,000. The secured promissory notes are due in August and November 2018 and bear interest at a rate of 12% per annum. The secured promissory notes are secured by Company inventory and personal assets held by the CEO. As the note is in good standing, the payment terms have been extended with no change in interest rate. Refer to 2019 notes payable above for note extension. During the year ended December 31, 2017, the Company issued a secured promissory note in the amount of $52,845 ($64,677 Canadian Dollars), respectively. The secured promissory note was due in July 2018 and bears interest at a rate of 18% per annum. The secured promissory note is secured by all present and after-acquired property and assets of the Company. The balance owed on this note payable at December 31, 2017 is $73,452 ($92,348 Canadian Dollars). At December 31, 2017, the accrued interest on this note payable was $13,134 ($16,513 Canadian Dollars). The payment due date remains the same as stated: upon completion of going public on the Canadian Securities Exchange with no change in interest rate. Secured Promissory Note In October 2015, the Company signed a secured promissory note with an investor in the principal amount of $79,768 ($102,000 Canadian Dollars. The Company received proceeds of $58,653 (75,000 Canadian Dollars) and $21,115 (27,000 Canadian Dollars) was recorded as a discount which was accrued over the life of the note. The promissory note required a daily payment of $249 (324 Canadian Dollars) until January 26, 2017 and carried a 40.0% interest rate. The promissory note was secured by all assets of the Company. During 2017, the lender agreed to settle the loan for $30,826 ($39,000 Canadian Dollars) resulting in the Company recording a $13,556 gain on the forgiveness of the remaining portion of the secured promissory note. The amounts repayable under notes payable and secured promissory note at December 31, 2019 and 2018 are as follows:
|  | 2019 |  |  | 2018 |
Balance owing |  | $ | 278,938 |  |  | $ | 287,425 |
Less amounts due within one year |  |  | (278,938 | ) |  |  | (287,425 | )
Long-term portion |  | $ | - |  |  | $ | - |

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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