| Schedule of lines of credit activity |
| Schedule of lines of credit activity | |
| | |
| | |
Total |
| Balance, December 31, 2019 | |
$ | 19,310,707 | |
| Advances received on lines of credit | |
| 820,766 | |
| Repayment of principal borrowed on lines of credit (note 6(b)) | |
| (1,038,967 | ) |
| Interest incurred on lines of credit | |
| 1,464,077 | |
| Repayment of interest on lines of credit (note 6(b)) | |
| (8,642,491 | ) |
| Balance, December 31, 2020 | |
| 11,914,092 | |
| Advances received on lines of credit | |
| 1,149,279 | |
| Interest incurred on lines of credit | |
| 1,402,187 | |
| Repayment of interest on lines of credit (note 6(b)) | |
| (456,725 | ) |
| Balance, December 31, 2021 | |
$ | 14,008,833 | |
|
| Schedule of lines of credit |
| Schedule of lines of credit |
|
|
|
|
|
|
|
|
| Creditor |
Interest
Rate |
Borrowing
Limit |
Repayment
Terms |
Principal
Borrowed |
Accrued
Interest |
Total
Outstanding |
Security |
Purpose |
| Chairman
and CEO |
1%
per Month |
$10,300,000 |
Due
on Demand |
$10,220,700 |
$1,208,582 |
$11,429,282 |
General
Security over Assets |
General
Corporate Requirements |
| Wife
of Chairman |
1%
per Month |
4,000,000 |
Due
on Demand |
2,467,705 |
111,846 |
2,579,551 |
General
Security over Assets |
General
Corporate Requirements |
| Total |
|
$14,300,000 |
|
$12,688,405 |
$1,320,428 |
$14,008,833 |
|
|
As of
December 31, 2020, the Company has two lines of credit as follows:
| Creditor |
Interest
Rate |
Borrowing
Limit |
Repayment
Terms |
Principal
Borrowed |
Accrued
Interest |
Total
Outstanding |
Security |
Purpose |
| Chairman
and CEO |
1%
per Month |
$10,300,000 |
Due
on Demand |
$
9,539,125 |
$314,967 |
$
9,854,092 |
General
Security over Assets |
General
Corporate Requirements |
| Wife
of Chairman |
1%
per Month |
2,000,000 |
Due
on Demand |
2,000,000 |
60,000 |
2,060,000 |
General
Security over Assets |
General
Corporate Requirements |
| Total |
|
$12,300,000 |
|
$11,539,125 |
$374,967 |
$11,914,092 |
|
|
|