v3.20.2

Promissory notes interest payable | 6 Months Ended | 12 Months Ended
--- | --- | ---
Jun. 30, 2020 | Dec. 31, 2019 | Dec. 31, 2018
Interest Advancesand Promissory Notes Payable [Abstract] |  |  |
Promissory notes interest payable | 4. Promissory Notes and Interest Payable a) Promissory notes payable to related parties: A summary of the promissory notes payable to related parties is as follows:
Promissory Notes Payable to Related Parties | June 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 U.S. 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
b) Promissory notes payable to unrelated parties A summary of the promissory notes payable to unrelated parties is as follows:
Promissory Notes Payable to Unrelated Parties | June 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
c) Interest payable A summary of the interest payable activity is as follows:
|  | 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 |  |  | 265,834 |
Balance, June 30, 2020 |  | $ | 5,630,831 |
|  | June 30, |  | December 31,
|  | 2020 |  | 2019
Related parties (relatives of the Chairman) |  | $ | 3,035,643 |  |  | $ | 2,876,280 |
Non-related parties |  |  | 2,595,188 |  |  |  | 2,488,717 |
|  | $ | 5,630,831 |  |  | $ | 5,364,997 |
Historically, all interest payable incurred is from interest incurred at the stated rate of promissory notes issued by the Company. The payment terms, security and any interest payable are based on the underlying promissory notes payable that the Company has outstanding. d) Interest expense During the six months ended June 30, 2020, the Company incurred interest expense of $1,044,627 (2019 - $2,082,829) substantially as follows:
| · | $719,455 (2019 - $672,168) incurred on lines of credit payable;
| · | $264,435 (2019 - $264,434) incurred on promissory notes payables as shown in note 4(b);
| · | $60,737 (2019 - $60,856) incurred from the calculation of imputed interest on accounts payable outstanding for longer than one year, advances payable and promissory notes payable, which had no stated interest rate; and
| · | $nil (2019 - $1,085,371) incurred related to the modification of the option held by creditors of the Company to acquire shares of common stock which were granted as consideration for providing financing to the Company.
| 3. Interest, advances and promissory notes payable a) Promissory notes payable to related parties: A summary of the promissory notes payable to related parties is as follows:
Promissory Notes Payable to Related Parties |  | December 31, 2019 |  | December 31, 2018
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 | $ | 580,619
| ii. | Interest at 1.25% per month |  | 51,347 |  | 51,347
| iii. | Interest at the U.S. 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 | $ | 2,891,966
b) Promissory notes payable to unrelated parties A summary of the promissory notes payable to unrelated parties is as follows:
Promissory Notes Payable to Unrelated Parties |  | December 31, |  | December 31,
|  | 2019 |  | 2018
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 |  | 200,000
Total Promissory Notes Payable to Unrelated Parties | $ | 2,254,353 | $ | 2,394,353
c) Interest payable A summary of the interest payable activity is as follows:
Balance, December 31, 2017 |  | $ | 4,307,256 |
Interest incurred on promissory notes payable |  |  | 528,871 |
Balance, December 31, 2018 |  |  | 4,836,127 |
Interest incurred on promissory notes payable |  |  | 528,870 |
Balance, December 31, 2019 |  | $ | 5,364,997 |
Interest payable is due to related and non-related parties as follows:
|  | December 31, |  | December 31,
|  | 2019 |  | 2018
Related parties (relatives of the Chairman) |  | $ | 2,876,280 |  |  | $ | 2,554,655 |
Non-related parties |  |  | 2,488,717 |  |  |  | 2,281,472 |
|  | $ | 5,364,997 |  |  | $ | 4,836,127 |
The payment terms, security and any interest payable are based on the underlying promissory notes payable that the Company has outstanding. d) Interest expense During the year ended December 31, 2019, the Company incurred interest expense of $5,261,137 (2018 - $1,938,877) substantially as follows:
| · | $3,243,812 (2018 - $nil) incurred related to 1) the grant of options as consideration for receiving an increase to the borrowing limit on the line of credit between the Company and the Chairman and 2) the modification of options held by the Chairman and his spouse that were granted in connection with financing provided to the Company;
| · | $528,871 (2018 - $528,871) incurred on promissory notes (note 3(a)) and other payables;
| · | 1,365,966 (2018 - $1,287,822) incurred on lines of credit payable as shown in note 4; and
| · | $122,488 (2018 - $122,184) incurred from the calculation of imputed interest on accounts payable outstanding for longer than one year, advances payable and promissory notes payable, which had no stated interest rate.
| 3. Promissory notes and interest payable a) Promissory notes payable to related parties: A summary of the promissory notes payable to related parties is as follows:
Promissory Notes Payable to Related Parties |  | December 31, 2018 |  | December 31, 2017
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 | $ | 580,619 | $ | 580,619 |
| ii. | Interest at 1.25% per month |  | 51,347 |  | 51,347 |
| iii. | Interest at the U.S. 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 | $ | 2,891,966 | $ | 2,891,966 |
b) Promissory notes payable to unrelated parties A summary of the promissory notes payable to unrelated parties is as follows:
Promissory Notes Payable to Unrelated Parties |  | December 31, |  | December 31,
|  | 2018 |  | 2017
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 |  | 200,000 |  | 200,000
Total Promissory Notes Payable to Unrelated Parties | $ | 2,394,353 | $ | 2,394,353
c) Interest payable A summary of the interest payable activity is as follows:
Balance, December 31, 2016 | $ | 3,629,913
Interest incurred on promissory notes payable |  | 504,873
Transfer from implicit interest to interest payable on promissory note |  | 172,470
Balance, December 31, 2017 |  | 4,307,256
Interest incurred on promissory notes payable |  | 528,871
Balance, December 31, 2018 | $ | 4,836,127
As at December 31, 2017, interest of $172,470 was transferred from imputed interest to interest payable as the Company determined it was more appropriate to treat interest amounts recorded as a liability for one promissory note which had no stated interest rate. The difference between the rate at which interest was imputed and the rate at which interest was deemed reasonable for accrual purposes, totaling $86,236, was recorded as a recovery of expense.
|  | December 31, |  | December 31,
|  | 2018 |  | 2017
| Related parties (relatives of the Chairman) | $ | 2,554,655 | $ | 2,255,529
| Non-related parties |  | 2,281,472 |  | 2,051,727
| $ | 4,836,127 | $ | 4,307,256
The payment terms, security and any interest payable are based on the underlying promissory notes payable that the Company has outstanding. d) Interest expense During the year ended December 31, 2018, the Company incurred interest expense of $1,938,877 (2017 - $1,861,971) substantially as follows:
| - | $528,871 (2017 - $504,873), including interest incurred on promissory notes (note 3(a)) and other payables;
| - | $1,287,822 (2017 - $1,202,250) incurred on lines of credit payable as shown in note 4; and
| - | $122,183 (2017 - $154,848) incurred from the calculation of imputed interest on accounts payable outstanding for longer than one year, advances payable and promissory notes payable, which had no stated interest rate.

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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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