|3 Months Ended|
Mar. 31, 2020
|Debt Disclosure [Abstract]|
7. LOANS PAYABLE
The Company’s loans payable are summarized below:
On March 1, 2020, the Company received a loan in the amount of $27,641 (ARS $1,777,778) (the” 2020 Demand Loan”) which bears interest at 10% per month and is due upon demand of the lender (the “Demand Loan”). Interest is paid monthly.
During the three months ended March 31, 2020, the Company made principal payments on loans payable in the aggregate of $20,677, of which $8,355 was paid on the 2018 Loan, $3,322 was paid on the 2017 Loan and $9,000 was paid on the Land Loan. The remaining decrease in principal balances are the result of the impact of the change in exchange rates during the period.
The Company incurred interest expense related to the loans payable in the amount of $22,530 and $40,822 during the three months ended March 31, 2020 and 2019, respectively, of which $3,325 and $6,495 represented amortization of debt discount.