Promissory notes interest payable (Tables)
|
9 Months Ended |
Sep. 30, 2020 |
|---|
| Interest Advancesand Promissory Notes Payable [Abstract] |
|
| Schedule of Promissory Notes Payable - Relatives of Board of Directors |
Promissory Notes Payable
to Related Parties |
September
30,
2020 |
December
31,
2019 |
| |
| |
|
|
|
|
| Promissory notes payable to relatives
of directors collateralized by a general security agreement over all the assets of the Company, due on demand: |
|
|
|
|
| |
|
|
|
|
|
|
| |
i. |
Interest at 1% per month |
$ |
720,619 |
$ |
720,619 |
| |
|
|
|
|
|
|
| |
ii. |
Interest at 1.25% per month |
|
51,347 |
|
51,347 |
| |
|
|
|
|
|
|
| |
iii. |
Interest at the US bank prime rate plus 1% |
|
100,000 |
|
100,000 |
| |
|
|
|
|
|
|
| |
iv. |
Interest at 0.5% per month |
|
695,000 |
|
695,000 |
| |
|
|
|
|
| Promissory
notes payable, unsecured, to relatives of a director, bearing interest at 1% per month, due on demand |
|
1,465,000 |
|
1,465,000 |
| Total
Promissory Notes Payable to Related Parties |
$ |
3,031,966 |
$ |
3,031,966 |
|
| Schedule of Activity of Promissory Notes Payable to Unrelated Lenders |
| Promissory
Notes Payable to Unrelated Parties |
September
30, |
December
31, |
| |
2020 |
2019 |
| |
|
|
|
|
| Unsecured promissory notes payable
to unrelated lenders: |
|
|
|
|
| |
|
|
|
|
|
|
| |
i. |
Interest at 1%
per month, repayable on March 31, 2009, due on demand |
$ |
450,000 |
$ |
450,000 |
| |
|
|
|
|
|
|
| |
ii. |
Interest at 1%
per month, with $50,000 repayable on December 31, 2004, $75,000 repayable on August 18, 2007, $75,000 repayable on November
19, 2007 and the balance due on demand. All are due on demand, accruing interest at the same rate |
|
887,456 |
|
887,456 |
| |
|
|
|
|
|
|
| |
iii. |
Interest at 0.625%
per month, with $50,000 repayable on October 5, 2004, $40,000 repayable on December 31, 2004 and $60,000 repayable on
July 28, 2006, all due on demand |
|
150,000 |
|
150,000 |
| |
|
|
|
|
|
|
| |
iv. |
Non-interest-bearing,
repayable on July 17, 2005, due on demand |
|
270,912 |
|
270,912 |
| |
|
|
|
|
|
|
| |
v. |
Interest at 0.667%
per month, repayable at $25,000 per month beginning October 2009, none repaid to date |
|
310,985 |
|
310,985 |
| |
|
|
|
|
|
|
| |
vi. |
Interest at 0.667%
per month, with $125,000 due January 15, 2011 |
|
125,000 |
|
125,000 |
| |
|
|
|
|
|
| Promissory
notes payable, secured by a guarantee from the Chief Executive Officer, bearing interest at 1% per month |
|
60,000 |
|
60,000 |
| Total
Promissory Notes Payable to Unrelated Parties |
$ |
2,254,353 |
$ |
2,254,353 |
|
| Schedule of Interest Payable |
| | |
Interest
Payable |
| | |
|
| Balance, December 31, 2018 | |
$ | 4,836,127 | |
| Interest incurred on promissory notes payable | |
| 528,870 | |
| | |
| | |
| Balance, December 31, 2019 | |
| 5,364,997 | |
| Interest incurred on promissory notes payable | |
| 396,653 | |
| Interest applied to purchase shares of common stock (note 6) | |
| (2,318,542 | ) |
| | |
| | |
| Balance, September 30, 2020 | |
$ | 3,443,108 | |
| | |
| |
|
| | |
September 30, | |
December 31, |
| | |
2020 | |
2019 |
| | |
| |
|
| Related parties (relatives of the Chairman) | |
$ | 794,684 | | |
$ | 2,876,280 | |
| Non-related parties | |
| 2,648,424 | | |
| 2,488,717 | |
| | |
| | | |
| | |
| | |
$ | 3,443,108 | | |
$ | 5,364,997 | |
|