Current report of foreign issuer pursuant to Rules 13a-16 and 15d-16 Amendments

Notes Payable ??? Related Party

v3.22.2.2
Notes Payable – Related Party
9 Months Ended
Sep. 30, 2022
Notes Payable – Related Party Disclosure [Abstract]  
NOTES PAYABLE – RELATED PARTY
12. NOTES PAYABLE – RELATED PARTY

 

During the nine month period ended September 30, 2022, the Company repaid $64,550 of principal. As at September 30, 2022, the Company had recorded $23,175 in accrued interest which was included in accounts payable and accrued liabilities.

 

During the year ended December 31, 2021, the Company exchanged 14,357 shares of common stock in exchange for a principal reduction of debt in the amount of $1,483,738 and $131,320 of accrued interest. The Company recorded a loss on the conversion of $116,152. In addition, the Company repaid $462,228 of principal. As at December 31, 2021, the Company had recorded $38,301 in accrued interest which was included in accounts payable and accrued liabilities.

 

During the nine months ended September 30, 2022, the Company recorded finance expense of $60,486 (December 31, 2021 - $225,196), related to bringing the notes to their present value.

 

    Amount  
    ($)  
Balance at December 31, 2020     4,528,549  
Proceeds    
-
 
Repayments     (2,058,720 )
Contribution benefit    
-
 
Finance expense     225,196  
Foreign exchange adjustment     91,158  
Balance, December 31, 2021     2,786,183  
Foreign currency adjustment     (209,095 )
Repayments     (64,550 )
Finance expense     60,486  
Balance, September 30, 2022     2,573,024  
Current     2,562,810  
Non-current     10,214