Note 9 - Government CEBA Loan

6 Months Ended

Jun. 30, 2020

Notes to Financial Statements

Debt Disclosure [Text Block]

9. Government CEBA loan

During the quarter ended

June 30, 2020,

the Company was granted a loan of

$29,321

(

CAD$40,000

) under the Canada Emergency Business Account (CEBA) loan program for small businesses. The CEBA loan program is

one

of the many incentives the Canadian Government put in place in response to COVID-

19.

The loan is interest free and a quarter of the loan  

$7,330

(

CAD$10,000

) is eligible for complete forgiveness if

$21,991

(

CAD$30,000

) is fully repaid on or before

December 31, 2022.

If the loan cannot be repaid by

December 31, 2022,

it can be converted into a

3

-year term loan charging an interest rate of

5%.