v3.22.2.2
Notes and Amounts Receivable for Equity Issued
 9 Months Ended
Sep. 30, 2022
Notes And Amounts Receivable For Equity Issued  
Notes and Amounts Receivable for Equity Issued

 10. Notes and Amounts Receivable for Equity Issued

 

   September 30, 2022 
Notes receivable  $1,109,032 
Amounts receivable   52,977*
Notes and Amounts Receivable for Equity Issued  $1,162,009 

 

* Consists of receivables for the exercise of warrants and options at various exercise prices during the year ended December 31, 2021 and nine months ended September 30, 2022. The receivables are unsecured, non-interest-bearing and due on demand.

 

During the year ended December 31, 2021, the Company entered into agreements with certain warrant and option holders for the following notes receivables as consideration for the exercise of warrants and options:

 

On July 31, 2021, the Company entered into a promissory note agreement with a principal sum of $48,087 ($60,000 CAD) as consideration for the exercise of 500,000 warrants at approximately $0.10 ($0.12 CAD). See summary table below for terms specific to the promissory note.

 

On July 31, 2021, the Company entered into a promissory note agreement with a principal sum of $48,087 ($60,000 CAD) as consideration for the exercise of 500,000 warrants at approximately $0.10 ($0.12 CAD). See summary table below for terms specific to the promissory note.

 

 

TRILLION ENERGY INTERNATIONAL INC.

Notes to the Consolidated Interim Financial Statements

For the nine months ended September 30, 2022 and 2021

(Expressed in U.S. dollars)

(Unaudited)

 

10. Notes and Amounts Receivable for Equity Issued (continued)

 

On July 31, 2021, the Company entered into a promissory note agreement with a principal sum of $48,087 ($60,000 CAD) as consideration for the exercise of 500,000 warrants at approximately $0.10 ($0.12 CAD). See summary table below for terms specific to the promissory note.

 

On July 31, 2021, the Company entered into a promissory note agreement with a principal sum of $24,044 ($30,000 CAD) as consideration for the exercise of 250,000 warrants at approximately $0.10 ($0.12 CAD). See summary table below for terms specific to the promissory note.

 

On July 31, 2021, the Company entered into a promissory note agreement with a principal sum of $14,426 ($18,000 CAD) as consideration for the exercise of 150,000 warrants at approximately $0.10 ($0.12 CAD). See summary table below for terms specific to the promissory note.

 

On July 31, 2021, the Company entered into a promissory note agreement with the CFO of the Company with a principal sum of $48,088 ($60,000 CAD) as consideration for the exercise of 500,000 warrants at approximately $0.10 ($0.12 CAD). See summary table below for terms specific to the promissory note. During the 9 month period ending September 30, 2022, the principal and accrued interest was repaid.

 

On July 31, 2021, the Company entered into a promissory note agreement with a principal sum of $144,261 ($180,000 CAD) as consideration for the exercise of 1,500,000 warrants at approximately $0.10 ($0.12 CAD). See summary table below for terms specific to the promissory note.

 

On July 31, 2021, the Company entered into a promissory note agreement with a principal sum of $96,174 ($120,000 CAD) as consideration for the exercise of 1,000,000 warrants at approximately $0.10 ($0.12 CAD). See summary table below for terms specific to the promissory note.

 

On July 31, 2021, the Company entered into a promissory note agreement with the CEO of the Company with a principal sum of $19,235 ($24,000 CAD) as consideration for the exercise of 200,000 warrants at approximately $0.10 ($0.12 CAD). See summary table below for terms specific to the promissory note.

 

On July 31, 2021, the Company entered into a promissory note agreement with the CEO of the Company with a principal sum of $226,971($283,200 CAD) as consideration for the exercise of 2,360,000 warrants at approximately $0.10 ($0.12 CAD). See summary table below for terms specific to the promissory note.

 

On November 10, 2021, the Company entered into a promissory note agreement with the CEO of the Company with a principal sum of $189,680 ($237,286 CAD) as consideration for the exercise of 1,416,667 warrants at approximately $0.10 ($0.12 CAD), 500,000 options at approximately $0.12 ($0.15 CAD), and 320,000 options at approximately $0.06 ($0.08 CAD) after first offsetting the consideration against amounts owed to the CEO. See summary table below for terms specific to the promissory note.

 

On November 10, 2021, the Company entered into a promissory note agreement with a principal sum of $95,924 ($120,000 CAD) as consideration for the exercise of 1,000,000 warrants at approximately $0.10 ($0.12 CAD). See summary table below for terms specific to the promissory note.

 

On November 10, 2021, the Company entered into a promissory note agreement with a principal sum of $146,639 ($193,443 CAD) as consideration for the exercise of 1,800,000 warrants at approximately $0.10 ($0.12 CAD), 500,000 warrants at approximately $0.08 ($0.10 CAD) and 320,000 options at approximately $0.08 ($0.10 CAD) after first offsetting the consideration against amounts owed to the note holder. See summary table below for terms specific to the promissory note.

 

On November 10, 2021, the Company entered into a promissory note agreement with a director of the Company with a principal sum of $34,846 ($43,592 CAD) as consideration for the exercise of 670,000 options at approximately $0.06 ($0.08 CAD) after first offsetting the consideration against amounts owed to the director.

 

 

TRILLION ENERGY INTERNATIONAL INC.

Notes to the Consolidated Interim Financial Statements

For the nine months ended September 30, 2022 and 2021

(Expressed in U.S. dollars)

(Unaudited)

 

10. Notes and Amounts Receivable for Equity Issued (continued)

 

See summary table below for terms specific to the promissory note.

 

   # of Securities exercised   Principal   Maturity date Interest rate  
Current                    
    500,000   $48,087   September 30, 2021   5%  
    500,000   $48,087   December 31, 2021   5%  
    500,000   $48,087   November 30, 2021   5%  
    250,000   $24,044   November 30, 2021   5%  
    150,000   $14,426   December 31, 2021   5%  
    2,236,667   $189,680   November 10, 2022   5%  
    1,000,000   $95,924   November 10, 2022   5%  
    2,620,000   $146,639   November 10, 2022   5%  
    670,000   $34,846   November 10, 2022   5%  
    500,000   $48,088   July 31, 2023   5%  
    1,500,000   $144,261   July 31, 2023   5%  
    1,000,000   $96,174   July 31, 2023   5%  
    200,000   $19,235   July 28, 2023   5%  
    2,360,000   $226,971   July 28, 2023   5%  
Total   13,986,667*  $1,184,549          

 

*Includes 12,176,667 warrants exercised and 1,810,000 options exercised

 

The following is a continuity of the Company’s promissory note receivable:

 

Notes Receivable    
Balance, January 1, 2021  $- 
Additions   1,184,549 
Repayments   (23,745)
Accrued interest   17,733 
Foreign exchange loss on revaluation   (19,705)
Balance, December 31, 2021  $1,158,832 
Repayments (See Note 17)   (49,800)
Balance, September 30, 2022  $1,109,032 

 

During the nine months ended September 30, 2022, the accrued interest income totaled $39,424 (2021 - $nil). As at September 30, 2022, accrued interest of $39,424 was included in amounts receivable (Note 4).

 

 

TRILLION ENERGY INTERNATIONAL INC.

Notes to the Consolidated Interim Financial Statements

For the nine months ended September 30, 2022 and 2021

(Expressed in U.S. dollars)

(Unaudited)