Interest, advances and promissory notes payable (Tables)

3 Months Ended

Mar. 31, 2022

Interest Advances And Promissory Notes Payable

Summary of activities of promissory notes payable

Summary of activities of promissory notes payable
Promissory Notes Payable to Related Parties		Carrying Value
Balance, December 31, 2020		$	3,031,966
Transferred from promissory notes payable pursuant to private transaction			10,000
Balance, December 31, 2021 and March 31, 2022		$	3,041,966

Schedule of activity of promissory notes payable to related parties


Promissory Notes Payable to Related Parties		March 31, 2022				December 31, 2021
Promissory notes payable to relatives of directors collateralized by a general security agreement over all the assets of the Company, past maturity:
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, past maturity				1,475,000				1,475,000
Total Promissory Notes Payable to Related Parties		$		3,041,966		$		3,041,966

Schedule of Promissory Notes Payable to Unrelated Parties


Promissory Notes Payable to Unrelated Parties		Carrying Value
Balance, December 31, 2020		$	2,254,353
Reclassified to interest payable			(10,985	)
Extinguished through issuance of shares of common stock (note 6)			(20,000	)
Transferred to promissory notes payable pursuant to private transaction			(10,000	)
Balance, December 31, 2021			2,213,368
Promissory note received			199,395
Balance, March 31, 2022		$	2,412,763

Schedule of activity of promissory notes payable to unrelated parties


Promissory Notes Payable to Unrelated Parties		March 31, 2022				December 31, 2021
Unsecured promissory notes payable to unrelated lenders, past maturity:
i. Interest at 1% per month		$		1,317,456		$		1,317,456
ii. Interest at 0.667% per month				425,000				425,000
iii. Interest at 0.625% per month				150,000				150,000
iv. Non-interest-bearing				270,912				270,912
v. Fixed interest				199,395				-

Promissory notes payable, secured by a guarantee from the Chief Executive Officer, bearing interest at 1% per month past maturity				50,000				50,000
Total Promissory Notes Payable to Unrelated Parties		$		2,412,763		$		2,213,368

Schedule of interest payable activity

Schedule of interest payable activity
Interest Payable		Carrying Value
Balance, December 31, 2020		$	3,575,326
Reclassified from promissory notes payable			10,985
Interest incurred on promissory notes payable			527,336
Interest payable retired through issuance of shares			(3,000	)
Balance, December 31, 2021			4,110,647
Interest incurred on promissory notes payable			137,536
Balance, March 31, 2022		$	4,248,183

Schedule of Interest payable due to related and non-related parties


Interest Payable		March 31, 2022				December 31, 2021
Related parties		$	1,279,462			$	1,200,170
Unrelated parties			2,968,721				2,910,477
Interest payable		$	4,248,183			$	4,110,647