Quarterly report pursuant to Section 13 or 15(d)

Promissory Notes Payable

Promissory Notes Payable
9 Months Ended
Sep. 30, 2017
Debt Disclosure [Abstract]  
Promissory Notes Payable

13. Promissory Notes Payable - Other


On December 9, 2014, the Company obtained a promissory note for CDN $500,000 (approximately U.S. $436,796) from Paymobile Inc., a subsidiary of 2336414 Ontario Inc. (“2336414”) of which the Company owns 666,664 common shares, that bears interest at a rate of 1% per month on the outstanding balance.


As of the date of this report, the final payment of CDN $150,000 (approximately U.S. $112,515) was due on February 28, 2015. The Company and 2336414 have agreed to extend the due date indefinitely by mutual consent. Interest expense of $10,284 and $10,202 was recorded for the nine months ended September 30, 2017, and September 30, 2016, respectively.