Annual and transition report of foreign private issuers pursuant to Section 13 or 15(d)

Notes Payable ??? Related Party

v3.23.1
Notes Payable – Related Party
12 Months Ended
Dec. 31, 2022
Notes Payable – Related Party Disclosure [Abstract]  
NOTES PAYABLE – RELATED PARTY
12. NOTES PAYABLE – RELATED PARTY

 

During the year ended December 31, 2022, the Company repaid $64,550 of principal. As at December 31, 2022, the Company had recorded $23,456 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 year ended December 31, 2022, the Company recorded finance expense of $60,770 (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     (177,690 )
Repayments     (64,550 )
Finance expense     60,770  
Balance, December 31, 2022     2,604,713  
Current     2,604,713  
Non-current     0