| SCHEDULE OF RELATED PARTY NOTES PAYABLE |
The
following table summarizes the Company’s related party notes payable:
SCHEDULE OF RELATED PARTY
NOTES PAYABLE
| |
|
Interest rate |
|
|
Date of maturity |
|
|
September 30, 2022 |
|
|
December 31, 2021 |
|
| Ivar Siem (i) |
|
|
9 |
% |
|
|
December 31, 2021 |
|
|
|
278,435 |
|
|
|
278,435 |
|
| Mark M. Allen (ii) |
|
|
9 |
% |
|
|
August 15, 2021 |
|
|
|
55,000 |
|
|
|
55,000 |
|
| Mark M. Allen (iii) |
|
|
12 |
% |
|
|
June 30, 2020 |
|
|
|
200,000 |
|
|
|
200,000 |
|
| Mark
M. Allen (iv) |
|
|
9 |
% |
|
|
September 30, 2021 |
|
|
|
241,125 |
|
|
|
245,938 |
|
| |
|
|
|
|
|
|
|
|
|
$ |
774,560 |
|
|
$ |
779,373 |
|
| |
(i) |
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 Ivar Siem. The note does not bear any interest (0% interest rate) and 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. 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 matured on December
21, 2021. |
| |
|
|
| |
(ii) |
On
April 15, 2020, the Company entered into an agreement, with Mark M. Allen, that included a funding clause where the Company borrowed
$55,000
from Mr. Allen. The note bears interest at an interest rate of 9%
per annum and matured on August
15, 2021. |
| |
(iii) |
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 matured on June
30, 2020. 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. |
| |
|
|
| |
(iv) |
On
January 3, 2020, the Company entered into a loan agreement in the amount of $100,000
with Mark M. Allen. The note bears 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 bears 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 matured on June 30, 2021. |
|