Petroteq Energy Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Notes Receivable

Notes Receivable

6 Months Ended

Feb. 29, 2020

Disclosure Of Note Receivable [Abstract]

5.	NOTES RECEIVABLE

The Company’s notes receivables consist of:

	Maturity Date	Interest Rate			February 29, 2020		August 31, 2019

Manhatten Enterprises	March 15, 2020		5	%	$	76,000	$	76,000
Strategic IR	August 20, 2021		5	%		617,581		642,581
Beverly Pacific Holdings	August 20, 2021		5	%		-		117,000
Interest accrued						31,089		10,162
					$	724,670	$	845,743

Disclosed as follows:
Current portion					$	87,233	$	85,359
Long-term portion						637,437		760,384
					$	724,670	$	845,743

Manhatten Enterprises

The Company advanced Manhatten Enterprises the sum of $75,000 pursuant to a promissory note on March 16, 2017. The note, which bears interest at 5% per annum, matured on March 16, 2020. The Company is currently re-negotiating the terms of this note.

Strategic IR

The Company advanced Strategic IR a total of $642,581 during the year ended August 31, 2019. This was memorialized by a promissory note that bears interest at 5% per annum and is repayable on August 20, 2021. During the six months ended February 29, 2020, the Company advanced Strategic IR a further $125,000 and received repayments totaling $150,000. The balance owing at February 29, 2020 is $617,581 plus interest thereon of $19,855.

Beverly Pacific Holdings

The company advanced Beverly Pacific Holdings a net amount of $117,000 during the year ended August 31, 2019, memorialized by a promissory note that bears interest at 5% per annum and is repayable on August 8, 2021. During the current period, the Company advanced a further $572,585, which has subsequently been settled by Beverly Pacific. As of February 29, 2020, the balance owing to the Company is $0.