| Schedule of lines of credit activity |
| 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 | |
|
| 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 |
$
10,283,100 |
$
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 |
|
|
|