Annual report pursuant to Section 13 and 15(d)

Promissory Notes Payable - Other

Promissory Notes Payable - Other
12 Months Ended
Dec. 31, 2018
Debt Disclosure [Abstract]  
Promissory Notes Payable-Other

13. Promissory Notes Payable – Other


In December 2014, the Company received a promissory note in the principal amount of CDN $500,000 (approx. U.S. $390,000) from Paymobile a subsidiary of 2336414 of which the Company owned 666,664 common shares, that bears interest at a rate of 1% per month on the outstanding balance.


On March 31, 2018, the Company entered into the Settlement Agreement with 2336414, Paymobile and Zoompass. Pursuant to the terms and conditions of the Settlement Agreement, CDN $210,000 (approx. U.S. $160,000), in principal and accrued interest was forgiven and written off. See Note 10.