SCHEDULE OF RELATED PARTY NOTES PAYABLE |
The
following table summarizes the Company’s related party notes payable:
SCHEDULE OF RELATED PARTY NOTES PAYABLE
|
|
|
|
|
|
|
Balance
at: |
|
|
|
Interest
rate |
|
|
Date
of maturity |
|
March 31, 2021 |
|
|
December
31, 2020 |
|
Quinten
Beasley |
|
|
10 |
% |
|
October 14, 2016 |
|
$ |
5,000 |
|
|
$ |
5,000 |
|
Jovian
Petroleum Corporation (i) |
|
|
4 |
% |
|
December 31, 2021 |
|
|
178,064 |
|
|
|
188,285 |
|
Ivar
Siem (ii) |
|
|
12 |
% |
|
On
demand |
|
|
— |
|
|
|
200,000 |
|
Ivar
Siem (ii) |
|
|
Non-interest |
|
|
On
demand |
|
|
— |
|
|
|
50,000 |
|
Ivar
Siem (ii) |
|
|
9 |
% |
|
December 31, 2021 |
|
|
278,435 |
|
|
|
— |
|
Mark
M Allen (iii) |
|
|
9 |
% |
|
September 2, 2021 |
|
|
55,000 |
|
|
|
55,000 |
|
Mark
M Allen (iv) |
|
|
10 |
% |
|
June 30, 2021 |
|
|
|
|
|
|
135,000 |
|
Mark
M Allen (v) |
|
|
12 |
% |
|
June 30, 2021 |
|
|
200,000 |
|
|
|
200,000 |
|
Mark
M Allen (vi) |
|
|
10 |
% |
|
June 30, 2020 |
|
|
— |
|
|
|
100,000 |
|
Discount
on Mark M Allen ($100K) |
|
|
|
|
|
|
|
|
— |
|
|
|
(11,536 |
) |
Mark
M Allen (vi) |
|
|
10 |
% |
|
June 30, 2020 |
|
|
— |
|
|
|
125,000 |
|
Discount
on Mark M Allen ($125K) |
|
|
|
|
|
|
|
|
— |
|
|
|
(11,420 |
) |
Mark
Allen (vi) |
|
|
9 |
% |
|
June 30, 2021 |
|
|
245,938 |
|
|
|
— |
|
Discount
on Mark M Allen ($245K) |
|
|
|
|
|
|
|
|
(11,922 |
) |
|
|
— |
|
|
|
|
|
|
|
|
|
$ |
950,516 |
|
|
$ |
1,035,329 |
|
|
(i) |
On
February 9, 2018, the Company entered into a Revolving Line of Credit Agreement (“LOC”) for $200,000 (subsequently increased
to $500,000 on April 12, 2018) with Jovian Petroleum Corporation (“Jovian”). The CEO of Jovian is Quinten Beasley, our
former director (resigned October 31, 2018), and 25% of Jovian is owned by Zel C. Khan, our former CEO and director. The initial
agreement was for a period of 6 months, and it can be extended for up to 5 additional terms of 6 months each. All amounts advanced
pursuant to the LOC will bear interest from the date of advance until paid in full at 3.5% simple interest per annum. Interest will
be calculated on a basis of a 360-day year and charged for the actual number of days elapsed. Subsequent to period-end this LOC has
been extended until December 31, 2021. |
|
|
|
|
(ii) |
On
August 15, 2019, the Company entered into a loan agreement in the amount of $75,000 with Ivar Siem. The note bears interest at an
interest rate of 12% per annum with a four (4) month maturity. On December 4, 2019, the Company entered into a loan agreement in
the amount of $100,000 with Ivar Siem. The note bears interest at an interest rate of 12% per annum with a six (6) month maturity.
At the maturity date, the note holder has the right to collect the principal plus interest or convert into 1,250,000 shares of common
stock at $0.08 per share. In addition, if converted, the note holder will also receive 5,000,000 warrants at an exercise price of
$0.10 per share, vesting immediately with a 36-month expiration period. On February 28, 2020, the Company entered into a $50,000
loan agreement with a Ivar Siem. The note does not bear any interest (0% interest rate) is due on demand. The note includes warrants
to purchase 200,000 shares of common stock (the “Loan Warrants”), at an exercise price of $0.10 per share in Canadian
dollars and expire on March 1, 2022. The warrants vest and will be issued on January 1, 2021. On January 1, 2021, the Company entered
into an amended loan agreement in the amount of $278,435, which combined the three previous loans, along with accrued interest. The
note bears an interest rate of 9% and matures on December 21, 2021. |
|
(iii) |
On
April 15, 2020, the Company entered into a consulting agreement, with Mark M Allen, that included a funding clause where the Company
borrowed $55,000
from Mr. Allen. Mr. Allen
is responsible for the future oversight and management of the SUDS field located in Creek County, Oklahoma. The note bears
interest at an interest rate of 9%
per annum and matures on August 15, 2021. |
|
|
|
|
(iv) |
On
January 6, 2020, the Company entered into a consulting agreement, with Mark M Allen, that included a funding clause where the Company
borrowed $135,000
($62,000
on January 6, 2020, $45,000
on May 18, 2020, and $28,000
on June 26, 2020) from
a third party. The third party is responsible for the future oversight and management of the SUDS field located in Creek County,
Oklahoma. The note bore interest at an interest rate of 10%
per annum and mature on June
30, 2020. On March
30, 2021, this note was settled with shares of the company. More details can be found in Note 10. Equity. |
|
|
|
|
(v) |
During
2019, the Company entered into a loan agreement in the amount of $200,000
with Mark M Allen. The note
bears interest at an interest rate of 12%
per annum and matures on June 30, 2021. At the maturity date, the note holder has the right to collect the principal plus interest or
convert into 2,500,000
shares of common stock at
$0.08
per share. In addition, upon
conversion, the note holder will also receive 10,000,000
warrants at an exercise price
of $0.10
per share, vesting immediately
with a 36-month expiration period. |
|
|
|
|
(vi) |
On January 3, 2020, the
Company entered into a loan agreement in the amount of $100,000
with Mark M Allen. The note bore interest at an interest rate of $10%
per annum and matures on June
1, 2020, with warrants to purchase 400,000
shares of common stock (the “Loan Warrants”), at an exercise price of $0.10
per share in Canadian dollars and expire on January
3, 2023. The fair value of issued warrants were recorded as a debt discount of $31,946
and monthly amortization of $1,775.
On February 14, 2020, the Company entered into a loan agreement in the amount of $125,000
with Mark M Allen. The note bore interest at an interest rate of 10%
per annum and matures on June
1, 2020, with warrants to purchase 750,000
shares of common stock (the “Loan Warrants”), at an exercise price of $0.10
per share in Canadian dollars and expire on February
14, 2022. The fair value of issued warrants were recorded as a debt discount of $38,249
and monthly amortization of $1,903.
On January 1, 2021, the Company entered into an amended loan agreement in the amount of $245,938,
which combined the two previous loans, along with accrued interest. The note bears an interest rate of 9%
and matures on June
30, 2021. |
|