| Lines of credit |
5.
Lines of credit
A
summary of lines of credit activity is as follows:
| Schedule of lines of credit activity | |
|
| Lines of Credit | |
Total |
| 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 | |
| Advances received on lines of credit | |
| 299,695 | |
| Interest incurred on lines of credit | |
| 384,922 | |
| Repayment of interest on lines of credit (note 6(b)) | |
| (80,376 | ) |
| Balance, March 31, 2022 | |
$ | 14,613,074 | |
On
December 10, 2021, the Company and the spouse of the Chairman entered into an amendment agreement to increase the borrowing limit on
the line of credit provided by the spouse of the Chairman to the Company from $2,000,000 to $4,000,000. The terms of amounts to be advanced
under the amendment are consistent with the line of credit. In connection with the line of credit, the Company granted the spouse of
the Chairman the option to acquire 40,000,000 shares of common of the Company at a price of $0.05 per share until December 31, 2026
(note 7).
As
of March 31, 2022, the Company had two lines of credit as follows:
| 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 |
$
10,283,100 |
$
1,481,047 |
$
11,764,147 |
General
Security over Assets |
General
Corporate Requirements |
| Wife
of Chairman |
1%
per Month |
4,000,000 |
Due
on Demand |
2,705,000 |
143,927 |
2,848,927 |
General
Security over Assets |
General
Corporate Requirements |
| Total |
|
$
14,300,000 |
|
$
12,988,100 |
$
1,624,974 |
$
14,613,074 |
|
|
As
of December 31, 2021, the Company had 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 |
$
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 |
|
|
|