Quarterly report pursuant to Section 13 or 15(d)

12. Deferred Purchase Consideration

v3.21.2
12. Deferred Purchase Consideration
 9 Months Ended
Sep. 30, 2021
Deferred Purchase Consideration  
12. Deferred Purchase Consideration

12. Deferred Purchase Consideration

 

During the nine month 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:

 

Deferred Purchase Consideration  

September 30,

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