| SCHEDULE OF NOTES PAYABLE |
The
following table summarizes the Company’s notes payable:
SCHEDULE
OF NOTES PAYABLE
| |
|
Interest rate |
|
|
Date of maturity |
|
September 30,
2023
|
|
|
December 31,
2022
|
|
| Credit note I(ii) |
|
|
10 |
% |
|
January 1, 2020 |
|
$ |
— |
|
|
$ |
426,909 |
|
| Discount on credit note I |
|
|
|
|
|
|
|
|
— |
|
|
|
(41,572 |
) |
| Lee Lytton |
|
|
|
|
|
On Demand |
|
|
3,500 |
|
|
|
3,500 |
|
| M. Hortwitz |
|
|
10 |
% |
|
October 14, 2016 |
|
|
10,000 |
|
|
|
10,000 |
|
| |
|
|
|
|
|
|
|
$ |
13,500 |
(i) |
|
$ |
398,837 |
|
| |
(i) |
All
notes are current liabilities (due within one year or less from September 30, 2023). |
| |
|
|
| |
(ii) |
On
January 2, 2020, the Company entered into a loan agreement in the amount of $1,000,000 with a third party (including a $120,000 origination
fee). The note bore interest at an interest rate of 10% per annum and matured on June 30, 2020, and included (as discussed below)
warrants to purchase 5,000,000 shares of common stock (the “Loan Warrants”), at an exercise price of $0.10 per share
in Canadian dollars which expired on January 2, 2023. The fair value of issued warrants was recorded as a debt discount of $266,674
and monthly amortization of $11,111. These funds were initially placed in escrow, then on May 29, 2020, they were used for the purchase
of the Utikuma oil field. Pursuant to a loan extension agreement, on October 30, 2020, the Company issued warrants to purchase 5,000,000
shares of common stock, at an exercise price of $0.05 per share which expired on January 6, 2023. The fair value of the issued warrants
was recorded as a debt discount of $166,289 and monthly amortization of $4,614. Payments totaling $444,861.03 were made on this note
during the first three quarters of 2023. $426,909 was paid toward principal and $17,952 was paid toward interest. The note was paid
off in full in the third quarter of 2023. |
|
| SCHEDULE OF FUTURE MINIMUM REPAYMENTS OF NOTES PAYABLE |
The
following is a schedule of future minimum repayments of notes payable as of September 30, 2023:
SCHEDULE
OF FUTURE MINIMUM REPAYMENTS OF NOTES PAYABLE
| |
|
|
|
|
| 2023 |
|
$ |
13,500 |
|
| Thereafter |
|
|
— |
|
| Total |
|
$ |
13,500 |
|
|