Loans Payable

9 Months Ended

Sep. 30, 2020

Debt Disclosure [Abstract]

Loans Payable

7. Loans Payable

As at	September 30, 2020			December 31, 2019
Unsecured, interest bearing loans at 10% per annum	$	162,632		$	176,067
Unsecured, interest bearing loans at 12% per annum		300,966			283,828
Unsecured, interest bearing loan at 20.5% per annum		27,249			46,283
Unsecured, interest bearing loan at 13.25% per annum		47,018			–
Non-interest bearing loans		58,240			54,855
Total loans payable		596,105			561,033
Current portion of loans payable		(46,164	)		(14,304	)
Long term portion of loans payable	$	549,941		$	546,729

Loans bearing interest, accrue at 10% and 12% per annum are all unsecured.

On August 2, 2019, Garanti Bank extended a long-term loan to Park Place Turkey Limited in the amount of ₺300,000 (or approximately US$53,600). The loan matures on August 2, 2022 and bears interest at 20.5% per annum. Principal and accrued interest are paid monthly.

On February 4, 2020, Garanti Bank extended a long-term loan to Park Place Turkey Limited in the amount of ₺500,000 (or approximately US$83,500). The loan matures on February 4, 2022 and bears interest at 13.25% per annum. Principal and accrued interest are paid monthly.