| Schedule of Loans Payable |
Schedule of Loans Payable
| As
at | |
September
30, 2022 | | |
December
31, 2021 | | |
December
31, 2020 | |
| Unsecured,
interest bearing loans at 10% per annum1 | |
$ | 11,810 | | |
$ | 107,167 | | |
$ | 184,235 | |
| Unsecured,
interest bearing loans at 12% per annum1 | |
| - | | |
| 39,069 | | |
| 309,806 | |
| Unsecured,
interest bearing loan at 19.4% per annum2 | |
| 14,730 | | |
| 25,642 | | |
| - | |
| Unsecured,
interest bearing loan at 20.5% per annum3 | |
| - | | |
| - | | |
| 25,625 | |
| Unsecured,
interest bearing loan at 13.25% per annum4 | |
| - | | |
| 3,534 | | |
| 41,533 | |
| Unsecured,
interest bearing loan at 15% per annum5 | |
| - | | |
| 473,635 | | |
| - | |
| Unsecured,
interest bearing loan at 45.33% per annum6 | |
| 63,764 | | |
| - | | |
| - | |
| Non-interest
bearing loans | |
| - | | |
| - | | |
| 5,955 | |
| Total
loans payable | |
| 90,304 | | |
| 649,047 | | |
| 567,154 | |
| Current
portion of loans payable | |
| (49,989 | ) | |
| (630,534 | ) | |
| (549,424 | ) |
| Long-term
portion of loans payable | |
$ | 40,315 | | |
$ | 18,513 | | |
$ | 17,730 | |
| | |
| | | |
| | | |
| | |
| (1) | Loans
bearing interest, accrue at 10% and 12% per annum are all unsecured. |
| (2) | | On November 15,
2021, Garanti Bank extended a long-term loan to Park Place Turkey Limited in the amount of ₺350,000 (or approximately US$25,600).
The loan matures on November 15, 2024 and bears interest at 19.44% per annum. Principal and accrued interest are paid monthly. During
the nine months ended September 30, 2022, the Company made $4,426 (2021 -$nil) in principal payments and $2,944 (2021 - $nil) in interest
payments. |
| (3) | | 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 matured on August 2, 2022 and bore interest at 20.5% per annum. Principal and accrued interest were paid monthly. On November 11,
2021, the loan was fully repaid. During the nine months ended September 30, 2022, the Company made $nil (2021 - $8,673) in principal
payments and $nil (2021 - $2,754) in interest payments.
|
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)
| 8.
|
Loans
Payable (continued) |
| (4) | | 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 matured on February 4, 2022 and bears interest at 13.25% per annum. Principal and accrued interest are paid monthly. During
the nine months ended September 30, 2022, the Company made $3,005 (2021 - $21,607) in principal payments and $47 (2021 - $2,409) in interest
payments. As at September 30 30, 2022, the loan has been fully repaid. |
| (5) | | On March 4, 2021,
the Company received $500,000 from a third party (the “Lender”) repayable in one year from the date of disbursement. The
amount is subject to an interest at a rate of 15% per annum. The Company granted 1,000,000 common share purchase warrants to the lender
in conjunction with the loan. The warrants expire in two years and have an exercise price of $0.16 per warrant. The fair value of the
share purchase warrants has been accounted as a debt issuance cost and offset against the loan and will be recognized as financing cost
over the term of the loan. The fair value of the warrants was determined to be $152,750 based on the Black-Scholes Option Pricing Model
using the following assumptions: expected dividend yield - 0%, expected volatility - 229%, risk-free interest rate - 0.08% and an expected
remaining life – 2.00 years. During the nine months ended September 30, 2022, the Company recognized $26,365 (2021 – $87,884)
as financing cost and accrued interest of $18,082 (2021 - $43,151). As at September 30, 2022, the loan has been fully repaid. |
| (6) | | On May 25, 2022,
Garanti Bank extended a long-term loan to Park Place Turkey Limited in the amount of ₺1,500,000 (or approximately US$91,961). The
loan matures on May 23, 2024 and bears interest at 45.33% per annum. Principal and accrued interest are paid monthly. During the nine
months ended September 30, 2022, the Company made $20,183 in principal payments and $13,169 in interest payments. |
|