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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- References

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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

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