Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2017 | Nov. 17, 2017 | |
Document Information [Line Items] | ||
Entity Registrant Name | CEN BIOTECH INC | |
Entity Central Index Key | 1,653,821 | |
Trading Symbol | cenb | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Entity Common Stock, Shares Outstanding (in shares) | 10,525,000 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Sep. 30, 2017 | Dec. 31, 2016 |
CURRENT ASSETS: | ||
Cash | $ 60,388 | $ 62,381 |
Total Current Assets | 60,388 | 62,381 |
PROPERTY, EQUIPMENT & MACHINERY: | ||
Property and Equipment Placed in Service, Net | 15,017 | 16,342 |
Improvement in Process | 1,412,487 | 1,270,115 |
OTHER ASSETS: | ||
Other Receivable | 122,861 | |
Advance on Business Acquisition | 775,328 | 425,328 |
Intangible Asset, Net | 2,209,152 | 2,319,852 |
TOTAL ASSETS | 4,595,233 | 4,094,019 |
CURRENT LIABILITIES: | ||
Accounts Payable | 85,767 | 157,054 |
Accounts Payable - Related Parties | 2,994 | 62,994 |
Accrued interest | 4,016,484 | 2,717,478 |
Accrued Expenses | 287,650 | 840,584 |
Total Current Liabilities | 16,613,786 | 14,693,985 |
LONG TERM LIABILITIES: | ||
Loans Payable - Convertible Notes | 2,150,904 | 1,391,603 |
Total Long Term Liabilities | 4,861,216 | 2,779,724 |
Total Liabilities | 21,475,002 | 17,473,709 |
STOCKHOLDERS' EQUITY (DEFICIT): | ||
Preferred stock; unlimited authorized shares; 100,000 issued and outstanding | 10 | 10 |
Common stock; unlimited authorized shares; 10,525,000 issued and outstanding | 85 | 85 |
Additional paid-in capital | 10,000 | 10,000 |
Accumulated deficit | (16,889,864) | (13,389,785) |
Total Stockholders' Equity (Deficit) | (16,879,769) | (13,379,690) |
TOTAL LIABILITIES AND STOCKHOLDERS EQUITY (DEFICIT) | 4,595,233 | 4,094,019 |
Short-term Related Party Loan Payable [Member] | ||
CURRENT LIABILITIES: | ||
Short-term Loan Payable | 849,127 | 846,448 |
Loans Payable [Member] | ||
CURRENT LIABILITIES: | ||
Short-term Loan Payable | 9,983,501 | 9,962,287 |
Convertible Notes Payable [Member] | ||
CURRENT LIABILITIES: | ||
Short-term Loan Payable | 885,207 | |
Affiliated Entity [Member] | ||
CURRENT LIABILITIES: | ||
Accrued interest | 503,056 | 107,140 |
President [Member] | ||
LONG TERM LIABILITIES: | ||
Loans Payable - Convertible Notes | $ 2,710,312 | $ 1,388,121 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Sep. 30, 2017 | Dec. 31, 2016 |
Preferred stock, par value (in dollars per share) | ||
Preferred stock, shares issued (in shares) | 100,000 | 100,000 |
Preferred stock, shares outstanding (in shares) | 100,000 | 100,000 |
Common stock, par value (in dollars per share) | ||
Common stock, shares issued (in shares) | 10,525,000 | 10,525,000 |
Common stock, shares outstanding (in shares) | 10,525,000 | 10,525,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
REVENUE | ||||
OPERATING EXPENSES | ||||
Salary and Consulting Fees | 195,381 | 498,158 | 95,239 | |
General and Administrative | 272,438 | 160,148 | 1,145,632 | 444,177 |
Foreign Exchange Loss (Gain) | 49,094 | (1,480) | 93,237 | 54,123 |
Total Operating Expenses | 516,913 | 182,668 | 1,737,027 | 617,539 |
Loss from operations | 516,913 | 182,668 | 1,737,027 | 617,539 |
OTHER INCOME OF EXPENSES | ||||
Sale of Equipment | (2,321) | |||
Interest | (518,894) | (353,727) | (1,552,275) | (1,020,051) |
Interest - Related Parties | (85,947) | (59,942) | (210,777) | (165,088) |
Total Other Income of Expenses | (604,841) | (413,669) | (1,763,051) | (1,182,818) |
Net Loss | $ (1,121,754) | $ (596,337) | $ (3,500,079) | $ (1,800,356) |
Net Loss Per Share: Basic and Diluted (in dollars per share) | $ (0.11) | $ (0.09) | $ (0.33) | $ (0.26) |
Weighted Average Number of Shares Oustanding: Basic and Diluted (in shares) | 10,525,000 | 7,000,000 | 10,525,000 | 7,000,000 |
Affiliated Entity [Member] | ||||
OPERATING EXPENSES | ||||
Salary and Consulting Fees | $ 24,000 | $ 24,000 |
Condensed Consolidated Stateme5
Condensed Consolidated Statement of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Cash Flows from Operating Activities | ||
Net Income (Loss) | $ (3,500,079) | $ (1,800,356) |
Adjustments to Reconcile Net (Loss) to Net Cash Used in Operating Activities | ||
Depreciation & Amortization | 112,026 | 13,159 |
Changes in Operating Assets and Liabilities | ||
(Increase) in Other Receivable | (122,861) | |
Increase (Decrease) in Accounts Payable & Acrued Expenses | (624,221) | 244,918 |
Increase (Decrease) in Accounts Payable - Related Parties | (60,000) | (12,006) |
Increase (Decrease) in Accrued Interest | 1,694,922 | 1,185,138 |
Net Cash Flows Used in Operating Activities | (2,500,213) | (369,147) |
Cash Flows from Investing Activities | ||
Leasehold Improvements and Other Assets | (142,372) | 7,265 |
Advance on Business Acquisition | (350,000) | (310,188) |
Net Cash (Used in) Provided by Investing Activities | (492,372) | (302,923) |
Cash Flows from Financing Activities | ||
Proceeds from Notes | 174,815 | |
Proceeds from Convertible Notes | 759,300 | 525,812 |
Proceeds from Convertible Notes - Related Parties | 2,231,292 | |
Net Cash (Used in) Provided by Financing Activities | 2,990,592 | 700,627 |
Net Increase (Decrease) in Cash and Cash Equivalents | (1,993) | 28,557 |
Cash and Cash Equivalents, Beginning of Year | 62,381 | 3,016 |
Cash and Cash Equivalents, End of Year | 60,388 | 31,573 |
Supplemental Cash Flow Information | ||
Interest | 33,716 | |
Income Taxes Paid | ||
Accrued Expense Reclassified to Notes Payable | 831,628 | 105,206 |
Accrued Interest Reclassified to Notes Payable | 254,829 | |
Construction in Progress Exchanged for Patent | 1,096,816 | |
Land Exchanged for Patent | 1,064,651 | |
Loans Payable Exchanged for Patent | 202,663 | |
Stock Issued in Exchange for Patent | 3 | |
Patent Acquired with Above Consideration | $ 2,364,133 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block] | NOTE 1 The accompanying unaudited interim consolidated financial statements and related notes have been prepared in accordance with accounting principles generally accepted in the United States of America (“ U.S. GAAP”) for interim financial information, and with the rules and regulations of the United States Securities and Exchange Commission (the “SEC”) set forth in Article 8 X. not not December 31, 2016 Orga nization CEN Biotech, Inc. (“CEN” or the “Company”) was incorporated in Canada on August 4, 2013 February 29, 2016 that was incorporated on May 13, 2016 March 20, 2017. CEN is an early stage Canadian biopharmaceutical company founded to integrate agronomical and pharmaceutical principles for the purposes of growing, selling, processing and delivering pharmaceutical-grade medical marijuana in its pure and extracted form to patients in accordance with He alth Canada’s newly-formed Marijuana for Medical Purposes Regulations (MMPR) and any other Canadian legislation that permits the legal use of marijuana. CEN is actively pursuing business opportunities globally with the intent to grow, sell, process and deliver pharmaceutical grade medical marijuana in various drug delivery mechanisms within jurisdictions where it the use of marijuana is generally permitted by consumers for medical or recreational purposes. Basis of Accounting The Company ’s financial statements are prepared using the accrual method of accounting using U.S. GAAP. The Company has elected a calendar year end. The functional currency of the Company is the U.S. Dollar. All amounts presented in the Company’s financial statements are in U.S. Dollars. Use of Estimates and Assumptions Preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates. The Company has adopted the provisions of ASC 260. Impairment of Long-Lived Assets The Company's recently acquired a patent which is accounted for as a definite-lived intangible asset in accordance with ASC 360 360" A long-lived asset (asset group) shall be tested for recoverability whenever events or changes in circumstances indicate that its carrying amount may not no September 30, 2017. Loss per Share Net loss per common share is computed pursuant to ASC 260 10 45. first no September 30, 2017 2016. Subsequent Events The Company follows the guidance in ASC 855 10 50 financial statements are issued. Pursuant to ASU 2010 09 Recently Issued Accounting Pronouncements The Company has implemented all new accounting pronouncements that are in effect and that may not Reclassification Certain amounts in prior period consolidated financial statements have been reclassified to conform current period presentation. |
Note 2 - Going Concern
Note 2 - Going Concern | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Substantial Doubt about Going Concern [Text Block] | NOTE 2 – GOING CONCERN The accompanying condensed financial statements have been prepared in conformity with U.S. GAAP, which contemplate continuation of the Company as a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the norm al course of business. However, a substantial doubt has been raised with regard to the ability of the Company to continue as a going concern as the Company had total liabilities in excess of its total assets, the Company had an accumulated deficit of $ 16,889,864 at September 30, 2017, no not not 4. no The Company’s cash position may not The financial statements do not |
Note 3 - Contingencies and Unce
Note 3 - Contingencies and Uncertainties | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Contingencies Disclosure [Text Block] | NOTE 3 – CONTINGENCIES AND UNCERTAINTIES On March 11, 2015, April 10, 2015 We discontinued this action in February 2016. CEN continues to pursue relief and damages and on or about February 2, 2016, of Canada in the Ontario Superior Court of Justice, for $15 This case is in the discovery phase. We cannot provide any assurances as to the timing or decision or outcome related to our action seeking damages. |
Note 4 - Notes Payable
Note 4 - Notes Payable | 9 Months Ended |
Sep. 30, 2017 | |
Loans Payable [Member] | |
Notes to Financial Statements | |
Short-term Debt [Text Block] | NOTE 4 – NOTES PAYABLE Short term loans payable consists of the following at September 30, 2017 December 31, 2016: Description 2017 2016 Short term loan payable to Global Holdings International, LLC, which bears interest at 15% per annum after defaulting on the maturity date of June 30, 2016. This note is secured by the Company's equipment. $ 9,675,000 $ 9,675,000 Short term mortgage payable, for the original amount of $385,000 CAD, bears interest at 22% per annum with a maturity date of September 21, 2018. 308,501 287,287 Total Short Term Loans Payable $ 9,983,501 $ 9,962,287 |
Note 5 - Short Term Loans Payab
Note 5 - Short Term Loans Payable - Related Party | 9 Months Ended |
Sep. 30, 2017 | |
Short-term Related Party Loan Payable [Member] | |
Notes to Financial Statements | |
Short-term Debt [Text Block] | NOTE 5 – SHORT TERM LOANS PAYABLE – RELATED PARTY Short term loans payable to related parties consist of the following at September 30, 2017 December 31, 2016: Description 2017 2016 Short term related party loan payable to Bill Chaaban, President of Cen Biotech, bears interest at 10% per annum. This is an unsecured loan with a maturity date of December 31, 2017. $ 247,627 $ 244,948 Short term related party loan payable to a former director of Creative Edge, bears interest at 10% per annum. This is an unsecured loan with a maturity date of December 31, 2017. 601,500 601,500 Total Short Term Loans Payable $ 849,127 $ 846,448 |
Note 6 - Short Term Convertible
Note 6 - Short Term Convertible Notes | 9 Months Ended |
Sep. 30, 2017 | |
Convertible Notes Payable [Member] | |
Notes to Financial Statements | |
Short-term Debt [Text Block] | NOTE 6 – SHORT TERM CONVERTIBLE NOTES Short term convertible notes consist of the following at September 30, 2017 December 31, 2016: Description 2017 2016 Short term convertible note payable, bearing interest at 7% per annum with conversion rights for 335,833 common shares. $ 885,207 $ - Total Short Term Convertible Notes $ 885,207 $ - |
Note 7 - Long Term Convertible
Note 7 - Long Term Convertible Notes | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Long-term Debt [Text Block] | NOTE 7 – LONG TERM CONVERTIBLE NOTES Long term convertible notes consist of the following at September 30, 2017 December 31, 2016: Description 2017 2016 Long term convertible notes payable to multiple private investors, bearing inter est at 5% per annum with conversion rights to common shares. All notes have a maturity date of 2 years from inception. $ 2,150,904 $ 1,167,412 Long term convertible notes, bearing interest at 12% per annum - 224,191 Total Short Term Loans Payable $ 2,150,904 $ 1,167,412 |
Note 8 - Long Term Convertible
Note 8 - Long Term Convertible Notes Related Party | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Long-term Convertible Notes Related Party [Text Block] | NOTE 8 – LONG TERM CONVERTIBLE NOTES RELATED PARTY Long term convertible notes to related parties consist of the following at September 30, 2017 December 31, 2016: Description 2017 2016 Long term convertible note related party due to Bill Chaaban, President of Cen Biotech, bearing interest at 12% per annum. This note is convertible to 871,576 common shares with a maturity due date of December 31, 2018. $ 1,388,121 $ 1,388,121 Long term convertible notes related party, bearing interest at 5% per annum. This note is convertible to 550,000 common shares with maturity dates in 2018. 1,050,000 - Long term convertible note related party, bearing interest at 5% per annum. This note is convertible to 30,000 common shares with a maturity due date of October 26, 2018. 48,000 - Long term convertible notes payable, bearing interest at 12% per annum. 224,191 - Total Long Term Convertible Notes Related Party $ 2,710,312 $ 1,388,121 |
Note 9 - Patent Acquisition
Note 9 - Patent Acquisition | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | NOTE 9 – PATENT ACQUISITION On September 12, 2016, Tesla Digital, Inc., a Canadian Corporation, and Stevan (Steve) Pokrajac. The material consideration given by Company was: (a) Cen Biotech common stock that will equal $5 (b) The transfer of real properties located at 135 , Lakeshore, Ontario, Canada having a book value of $2,161,467 1517 1525 $182,488. In addition, the Company will employ Stevan Pokrajak in connection with the development of the acquired technology with compensation equal to $200,000 The C ompany intends to explore using the Cold LED Lighting Technology across manufacturing operations and licensing opportunities across multiple industries such as horticultural, automotive, industrial and commercial lighting. The assets acquired other than the patent included old machinery and raw materials. The Company has assigned no not no |
Note 10 - Commitments and Conti
Note 10 - Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 10 – COMMITMENTS AND CONTINGENCIES Our $21,475,002 debtedness includes accrued interest of $4,519,540, $16,579,050 $9,675,000 $10,533. $2,400,000 2 2018 2019. Description Maturity Date Amount Note Payable - Related Party 12/31/17 $ 247,627 Note Payable - Related Party 12/31/17 $ 601,500 Note Payable 6/30/2016 $ 9,675,000 Note Payable 9/21/2018 $ 308,501 Convertible Notes - Short Term $ 885,207 Convertible Notes Q1 2018 $ 62,040 Convertible Notes Q2 2018 $ 463,572 Convertible Notes Q3 2018 $ 90,200 Convertible Notes Q4 2018 $ 1,600 Convertible Notes Q1 2019 $ 566,475 Convertible Notes Q2 2019 $ 357,000 Convertible Notes Q3 2019 $ 603,818 Convertible Notes Q4 2019 $ 6,197 Convertible Notes Related Party 12/31/18 $ 1,388,122 Convertible Notes Related Party Q2 2018 $ 100,000 Convertible Notes Related Party Q4 2018 $ 450,000 Convertible Notes Related Party Q1 2019 $ 500,000 Convertible Notes Related Party Q4 2018 $ 48,000 Convertible Notes Related Party $ 224,191 $ 16,579,050 |
Note 11 - Lease
Note 11 - Lease | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Leases of Lessee Disclosure [Text Block] | NOTE 11 – LEASE The Company leases space for operations in Canada which requires a monthly rent payment of $3,205. September 30, 2017 five Year Ended December 31, Amount 2017 $ 9,616 2018 38,462 2019 38,462 2020 38,462 2021 28,847 Total $ 153,850 |
Note 12 - Related Party Transac
Note 12 - Related Party Transactions | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | NOTE 12 – RELATED PARTY TRANSACTIONS On July 12, 2017 , Mr. Bill Chaaban resigned as Chief Executive Officer of the Company . The resignation did not 12% 871,576 August 17, 2018 On July 12, 2017 , the Company elected individuals to serve as Directors on the Board. These individuals hold long term convertible notes payable issued prior to the election. All notes payable bear interest at 5% |
Note 13 - Subsequent Events
Note 13 - Subsequent Events | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | NOTE 13 - SUBSEQUENT EVENTS In accordance with ASC 855, Subsequent Events September 30, 2017 November 17, 2017, no |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2017 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Accounting The Company ’s financial statements are prepared using the accrual method of accounting using U.S. GAAP. The Company has elected a calendar year end. The functional currency of the Company is the U.S. Dollar. All amounts presented in the Company’s financial statements are in U.S. Dollars. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates and Assumptions Preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates. The Company has adopted the provisions of ASC 260. |
Impairment or Disposal of Long-Lived Assets, Including Intangible Assets, Policy [Policy Text Block] | Impairment of Long-Lived Assets The Company's recently acquired a patent which is accounted for as a definite-lived intangible asset in accordance with ASC 360 360" A long-lived asset (asset group) shall be tested for recoverability whenever events or changes in circumstances indicate that its carrying amount may not no September 30, 2017. |
Earnings Per Share, Policy [Policy Text Block] | Loss per Share Net loss per common share is computed pursuant to ASC 260 10 45. first no September 30, 2017 2016. |
Subsequent Events, Policy [Policy Text Block] | Subsequent Events The Company follows the guidance in ASC 855 10 50 financial statements are issued. Pursuant to ASU 2010 09 |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Issued Accounting Pronouncements The Company has implemented all new accounting pronouncements that are in effect and that may not |
Reclassification, Policy [Policy Text Block] | Reclassification Certain amounts in prior period consolidated financial statements have been reclassified to conform current period presentation. |
Note 4 - Notes Payable (Tables)
Note 4 - Notes Payable (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Loans Payable [Member] | |
Notes Tables | |
Schedule of Short-term Debt [Table Text Block] | Description 2017 2016 Short term loan payable to Global Holdings International, LLC, which bears interest at 15% per annum after defaulting on the maturity date of June 30, 2016. This note is secured by the Company's equipment. $ 9,675,000 $ 9,675,000 Short term mortgage payable, for the original amount of $385,000 CAD, bears interest at 22% per annum with a maturity date of September 21, 2018. 308,501 287,287 Total Short Term Loans Payable $ 9,983,501 $ 9,962,287 |
Note 5 - Short Term Loans Pay21
Note 5 - Short Term Loans Payable - Related Party (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Short-term Related Party Loan Payable [Member] | |
Notes Tables | |
Schedule of Short-term Debt [Table Text Block] | Description 2017 2016 Short term related party loan payable to Bill Chaaban, President of Cen Biotech, bears interest at 10% per annum. This is an unsecured loan with a maturity date of December 31, 2017. $ 247,627 $ 244,948 Short term related party loan payable to a former director of Creative Edge, bears interest at 10% per annum. This is an unsecured loan with a maturity date of December 31, 2017. 601,500 601,500 Total Short Term Loans Payable $ 849,127 $ 846,448 |
Note 6 - Short Term Convertib22
Note 6 - Short Term Convertible Notes (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Convertible Notes Payable [Member] | |
Notes Tables | |
Schedule of Short-term Debt [Table Text Block] | Description 2017 2016 Short term convertible note payable, bearing interest at 7% per annum with conversion rights for 335,833 common shares. $ 885,207 $ - Total Short Term Convertible Notes $ 885,207 $ - |
Note 7 - Long Term Convertibl23
Note 7 - Long Term Convertible Notes (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | Description 2017 2016 Long term convertible notes payable to multiple private investors, bearing inter est at 5% per annum with conversion rights to common shares. All notes have a maturity date of 2 years from inception. $ 2,150,904 $ 1,167,412 Long term convertible notes, bearing interest at 12% per annum - 224,191 Total Short Term Loans Payable $ 2,150,904 $ 1,167,412 |
Note 8 - Long Term Convertibl24
Note 8 - Long Term Convertible Notes Related Party (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | Description 2017 2016 Long term convertible notes payable to multiple private investors, bearing inter est at 5% per annum with conversion rights to common shares. All notes have a maturity date of 2 years from inception. $ 2,150,904 $ 1,167,412 Long term convertible notes, bearing interest at 12% per annum - 224,191 Total Short Term Loans Payable $ 2,150,904 $ 1,167,412 |
Long-term Convertible Note Related Party [Member] | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | Description 2017 2016 Long term convertible note related party due to Bill Chaaban, President of Cen Biotech, bearing interest at 12% per annum. This note is convertible to 871,576 common shares with a maturity due date of December 31, 2018. $ 1,388,121 $ 1,388,121 Long term convertible notes related party, bearing interest at 5% per annum. This note is convertible to 550,000 common shares with maturity dates in 2018. 1,050,000 - Long term convertible note related party, bearing interest at 5% per annum. This note is convertible to 30,000 common shares with a maturity due date of October 26, 2018. 48,000 - Long term convertible notes payable, bearing interest at 12% per annum. 224,191 - Total Long Term Convertible Notes Related Party $ 2,710,312 $ 1,388,121 |
Note 10 - Commitments and Con25
Note 10 - Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | Description Maturity Date Amount Note Payable - Related Party 12/31/17 $ 247,627 Note Payable - Related Party 12/31/17 $ 601,500 Note Payable 6/30/2016 $ 9,675,000 Note Payable 9/21/2018 $ 308,501 Convertible Notes - Short Term $ 885,207 Convertible Notes Q1 2018 $ 62,040 Convertible Notes Q2 2018 $ 463,572 Convertible Notes Q3 2018 $ 90,200 Convertible Notes Q4 2018 $ 1,600 Convertible Notes Q1 2019 $ 566,475 Convertible Notes Q2 2019 $ 357,000 Convertible Notes Q3 2019 $ 603,818 Convertible Notes Q4 2019 $ 6,197 Convertible Notes Related Party 12/31/18 $ 1,388,122 Convertible Notes Related Party Q2 2018 $ 100,000 Convertible Notes Related Party Q4 2018 $ 450,000 Convertible Notes Related Party Q1 2019 $ 500,000 Convertible Notes Related Party Q4 2018 $ 48,000 Convertible Notes Related Party $ 224,191 $ 16,579,050 |
Note 11 - Lease (Tables)
Note 11 - Lease (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Notes Tables | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Year Ended December 31, Amount 2017 $ 9,616 2018 38,462 2019 38,462 2020 38,462 2021 28,847 Total $ 153,850 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation (Details Textual) - USD ($) shares in Thousands, $ in Thousands | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Asset Impairment Charges | $ 0 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 0 |
Note 2 - Going Concern (Details
Note 2 - Going Concern (Details Textual) - USD ($) | Sep. 30, 2017 | Dec. 31, 2016 |
Retained Earnings (Accumulated Deficit) | $ (16,889,864) | $ (13,389,785) |
Note 3 - Contingencies and Un29
Note 3 - Contingencies and Uncertainties (Details Textual) $ in Millions | Feb. 02, 2016USD ($) |
Claim Against Attorney General of Canada [Member] | |
Litigation, Estimated Recovery | $ 15 |
Note 4 - Notes Payable - Short
Note 4 - Notes Payable - Short Term Loans Payable (Details) - Loans Payable [Member] - USD ($) | Sep. 30, 2017 | Dec. 31, 2016 |
Short-term Loan Payable | $ 9,983,501 | $ 9,962,287 |
Short-term Loan Payable to Global Holdings International, LLC [Member] | ||
Short-term Loan Payable | 9,675,000 | 9,675,000 |
Short-term Mortgage Payable to ARG & Pals, Inc. [Member] | ||
Short-term Loan Payable | $ 308,501 | $ 287,287 |
Note 4 - Notes Payable - Shor31
Note 4 - Notes Payable - Short Term Loans Payable (Details) (Parentheticals) - Loans Payable [Member] - CAD | 9 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Dec. 31, 2016 | |
Short-term Loan Payable to Global Holdings International, LLC [Member] | ||
Interest Rate | 15.00% | 15.00% |
Maturity Date | Jun. 30, 2016 | Jun. 30, 2016 |
Short-term Mortgage Payable to ARG & Pals, Inc. [Member] | ||
Interest Rate | 22.00% | 22.00% |
Maturity Date | Sep. 21, 2018 | Sep. 21, 2018 |
Original Amount | CAD 385,000 | CAD 385,000 |
Note 5 - Short Term Loans Pay32
Note 5 - Short Term Loans Payable - Related Party - Short Term Loans Payable Related Party (Details) - Short-term Related Party Loan Payable [Member] - USD ($) | Sep. 30, 2017 | Dec. 31, 2016 |
Short-term Loan Payable | $ 849,127 | $ 846,448 |
Bill Chaaban, President of Cen Biotech [Member] | ||
Short-term Loan Payable | 247,627 | 244,948 |
Jeff Thomas, Former Director of Creative Edge [Member] | ||
Short-term Loan Payable | $ 601,500 | $ 601,500 |
Note 5 - Short Term Loans Pay33
Note 5 - Short Term Loans Payable - Related Party - Short Term Loans Payable Related Party (Details) (Parentheticals) - Short-term Related Party Loan Payable [Member] | 9 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Dec. 31, 2016 | |
Bill Chaaban, President of Cen Biotech [Member] | ||
Debt Instrument, Interest Rate, Stated Percentage | 10.00% | 10.00% |
Debt Instrument, Maturity Date | Dec. 31, 2017 | Dec. 31, 2017 |
Jeff Thomas, Former Director of Creative Edge [Member] | ||
Debt Instrument, Interest Rate, Stated Percentage | 10.00% | 10.00% |
Debt Instrument, Maturity Date | Dec. 31, 2017 | Dec. 31, 2017 |
Note 6 - Short Term Convertib34
Note 6 - Short Term Convertible Notes - Short Term Convertible Notes (Details) - Convertible Notes Payable [Member] - USD ($) | Sep. 30, 2017 | Dec. 31, 2016 |
Short-term Loan Payable | $ 885,207 | |
Short term convertible note payable | $ 885,207 |
Note 6 - Short Term Convertib35
Note 6 - Short Term Convertible Notes - Short Term Convertible Notes (Details) (Parentheticals) - Convertible Notes Payable [Member] | 9 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Dec. 31, 2016 | |
Debt Instrument, Interest Rate, Stated Percentage | 7.00% | |
Debt Instrument, Convertible, Number of Equity Instruments | 335,833 |
Note 7 - Long Term Convertibl36
Note 7 - Long Term Convertible Notes - Long Term Convertible Notes (Details) - USD ($) | Sep. 30, 2017 | Dec. 31, 2016 |
Long-term Convertible Notes Payable to Multiple Private Investors [Member] | ||
Long-Term Convertible Notes | $ 2,150,904 | $ 1,167,412 |
Long-term Convertible Notes Payable to Joe Byrne [Member] | ||
Long-Term Convertible Notes | 224,191 | |
Long-term Convertible Notes [Member] | ||
Long-Term Convertible Notes | $ 2,150,904 | $ 1,167,412 |
Note 7 - Long Term Convertibl37
Note 7 - Long Term Convertible Notes - Long Term Convertible Notes (Details) (Parentheticals) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Dec. 31, 2016 | |
Long-term Convertible Notes Payable to Multiple Private Investors [Member] | ||
Debt Instrument, Interest Rate, Stated Percentage | 5.00% | 5.00% |
Debt Instrument, Term | 2 years | 2 years |
Long-term Convertible Notes Payable to Joe Byrne [Member] | ||
Debt Instrument, Interest Rate, Stated Percentage | 12.00% | 12.00% |
Note 8 - Long Term Convertibl38
Note 8 - Long Term Convertible Notes Related Party - Long Term Convertible Notes Related Party (Details) - USD ($) | Sep. 30, 2017 | Dec. 31, 2016 |
Long-term Convertible Note Related Party [Member] | ||
Long-Term Convertible Notes | $ 2,710,312 | $ 1,388,121 |
Long-term Convertible Note Related Party [Member] | Bill Chaaban, President of Cen Biotech [Member] | ||
Long-Term Convertible Notes | 1,388,121 | 1,388,121 |
Long-term Convertible Note Related Party 2, 3, and 4 [Member] | ||
Long-Term Convertible Notes | 1,050,000 | |
Long-term Convertible Note Related Party 5 [Member] | ||
Long-Term Convertible Notes | 48,000 | |
Long-term Convertible Note Related Party 6 [Member] | ||
Long-Term Convertible Notes | $ 224,191 |
Note 8 - Long Term Convertibl39
Note 8 - Long Term Convertible Notes Related Party - Long Term Convertible Notes Related Party (Details) (Parentheticals) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Dec. 31, 2016 | |
Long-term Convertible Note Related Party 2, 3, and 4 [Member] | ||
Debt Instrument, Interest Rate, Stated Percentage | 5.00% | |
Debt Instrument, Convertible, Number of Equity Instruments | 550,000 | |
Long-term Convertible Note Related Party 5 [Member] | ||
Debt Instrument, Interest Rate, Stated Percentage | 5.00% | |
Debt Instrument, Convertible, Number of Equity Instruments | 30,000 | |
Debt Instrument, Maturity Date | Oct. 26, 2018 | |
Long-term Convertible Note Related Party 6 [Member] | ||
Debt Instrument, Interest Rate, Stated Percentage | 12.00% | |
Bill Chaaban, President of Cen Biotech [Member] | Long-term Convertible Note Related Party [Member] | ||
Debt Instrument, Interest Rate, Stated Percentage | 12.00% | 12.00% |
Debt Instrument, Convertible, Number of Equity Instruments | 871,576 | 871,576 |
Debt Instrument, Maturity Date | Aug. 17, 2018 | Dec. 31, 2018 |
Note 9 - Patent Acquisition (De
Note 9 - Patent Acquisition (Details Textual) | Sep. 12, 2016USD ($) |
Development of Acquired Technology, Annual Compensation for Specialist | $ 200,000 |
Patented Technology [Member] | |
Stock Issued During Period, Value, Purchase of Assets | 5,000,000 |
Noncash or Part Noncash Acquisition, Noncash Consideration, Carrying Value of Properties to be Transferred | 2,161,467 |
Noncash or Part Noncash Acquisition, Noncash Consideration, Original Cost of Property Transferred | $ 182,488 |
Note 10 - Commitments and Con41
Note 10 - Commitments and Contingencies (Details Textual) | 9 Months Ended |
Sep. 30, 2017USD ($) | |
Long-term Debt, Including Accrued Interest | $ 21,475,002 |
Interest Payable | 4,519,540 |
Notes Payable | 16,579,050 |
Debt Instrument, Debt Default, Amount | 9,675,000 |
Debt Instrument, Collateral Amount | 10,533 |
Expected Annual Operating and Administrative Expenses, Minimum | $ 2,400,000 |
Convertible Debt [Member] | |
Debt Instrument, Term | 2 years |
Note 10 - Commitments and Con42
Note 10 - Commitments and Contingencies - Summary of Notes Payable (Details) | Sep. 30, 2017USD ($) |
Note Payable | $ 16,579,050 |
Notes Payable, Related Party 1 [Member] | |
Note Payable | 247,627 |
Notes Payable, Related Party 2 [Member] | |
Note Payable | 601,500 |
Notes Payable 1 [Member] | |
Note Payable | 9,675,000 |
Notes Payable 2 [Member] | |
Note Payable | 308,501 |
Short-term, Convertible Note [Member] | |
Note Payable | 885,207 |
Convertible Notes 1[Member] | |
Note Payable | 62,040 |
Convertible Notes 2 [Member] | |
Note Payable | 463,572 |
Convertible Notes 3 [Member] | |
Note Payable | 90,200 |
Convertible Notes 4 [Member] | |
Note Payable | 1,600 |
Convertible Notes 5 [Member] | |
Note Payable | 566,475 |
Convertible Notes 6 [Member] | |
Note Payable | 357,000 |
Convertible Notes 7 [Member] | |
Note Payable | 603,818 |
Convertible Notes 8 [Member] | |
Note Payable | 6,197 |
Convertible Notes, Related Party 1 [Member] | |
Note Payable | 1,388,122 |
Convertible Notes, Related Party 2 [Member] | |
Note Payable | 100,000 |
Convertible Notes, Related Party 3 [Member] | |
Note Payable | 450,000 |
Convertible Notes, Related Party 4 [Member] | |
Note Payable | 500,000 |
Convertible Notes, Related Party 5 [Member] | |
Note Payable | 48,000 |
Convertible Notes, Related Party 6 [Member] | |
Note Payable | $ 224,191 |
Note 11 - Lease (Details Textua
Note 11 - Lease (Details Textual) | 9 Months Ended |
Sep. 30, 2017USD ($) | |
Operating Leases, Monthly Rent Payment | $ 3,205 |
Note 11 - Lease - Future Minimu
Note 11 - Lease - Future Minimum Operating Lease Payments (Details) | Sep. 30, 2017USD ($) |
2,017 | $ 9,616 |
2,018 | 38,462 |
2,019 | 38,462 |
2,020 | 38,462 |
2,021 | 28,847 |
Total | $ 153,850 |
Note 12 - Related Party Trans45
Note 12 - Related Party Transactions (Details Textual) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Dec. 31, 2016 | |
Long-term Convertible Notes Payable to Multiple Private Investors [Member] | ||
Debt Instrument, Interest Rate, Stated Percentage | 5.00% | 5.00% |
Bill Chaaban, President of Cen Biotech [Member] | Long-term Convertible Note Related Party [Member] | ||
Debt Instrument, Interest Rate, Stated Percentage | 12.00% | 12.00% |
Debt Instrument, Convertible, Number of Equity Instruments | 871,576 | 871,576 |
Debt Instrument, Maturity Date | Aug. 17, 2018 | Dec. 31, 2018 |