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Loan payable	6 Months Ended
Jun. 30, 2021
Loan Payable
Loan payable	11. Loan payable During the year ended December 31, 2020 the Company received loans of $32,439, $10,000 and $108,000 from a unrelated third party with an interest rate of 10% per annum with a maturity date of December 31, July 22 and August 31, 2021 respectively. During the six months ended June 30, 2021 the Company agreed to repay the outstanding principal and interest through the issuance of 62,006 (1,240,111 pre-stock split) common shares at $1.80 ($0.09 pre-stock split) per share. During the six month ended June 30, 2021, the Company accrued interest expense of $1,319 (2020 - $0). As of the date of the settlement agreement the Company had $150,439 principal and $7,348 interest outstanding, resulting in the Company recognizing a gain on settlement of $46,176 for the six month period ended June 30, 2021. During the year ended December 31, 2020 the Company received $28,387 ($40,000 CDN) interest free from the Government of Canada as part of the COVID-19 small business relief program. Repaying the balance of the loan on or before December 31, 2022 will result in loan forgiveness of 25 percent. As of June 30, 2021 loan payable outstanding is $28,387 ($40,000 CDN).

Loan payable

6 Months Ended

Jun. 30, 2021

11. Loan payable

During the year ended December 31, 2020 the Company received loans of $32,439, $10,000 and $108,000 from a unrelated third party with an interest rate of 10% per annum with a maturity date of December 31, July 22 and August 31, 2021 respectively. During the six months ended June 30, 2021 the Company agreed to repay the outstanding principal and interest through the issuance of 62,006 (1,240,111 pre-stock split) common shares at $1.80 ($0.09 pre-stock split) per share. During the six month ended June 30, 2021, the Company accrued interest expense of $1,319 (2020 - $0). As of the date of the settlement agreement the Company had $150,439 principal and $7,348 interest outstanding, resulting in the Company recognizing a gain on settlement of $46,176 for the six month period ended June 30, 2021.

During the year ended December 31, 2020 the Company received $28,387 ($40,000 CDN) interest free from the Government of Canada as part of the COVID-19 small business relief program. Repaying the balance of the loan on or before December 31, 2022 will result in loan forgiveness of 25 percent. As of June 30, 2021 loan payable outstanding is $28,387 ($40,000 CDN).