Quarterly report pursuant to Section 13 or 15(d)

Deferred Purchase Consideration

v3.21.1
Deferred Purchase Consideration
 3 Months Ended
Mar. 31, 2021
Notes to Financial Statements  
Deferred Purchase Consideration

11. Deferred Purchase Consideration

 

During the current period, the Company paid the remaining balance of €20,800 (approximately $25,262) to non-related parties in terms of the Virtual Generation promissory note.

 

The movement on deferred purchase consideration to non-related parties consists of the following:

 

   

March 31,

2021

  

December 31,

2020
Principal Outstanding                
Promissory note due to non-related parties   $ 25,434     $ 1,802,384  
Settled by the issuance of common shares     —         (724,467 )
Repayment in cash     (25,262 )     (1,105,455 )
Foreign exchange movements     (172 )     52,972  
      —         25,434  
Present value discount on future payments                
Present value discount     (7,761 )     (120,104 )
Amortization     7,700       114,333  
Foreign exchange movements     61       (1,990 )
      —         (7,761 )
Deferred purchase consideration, net   $ —       $ 17,673