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Loans Payable

9 Months Ended

Sep. 30, 2016

17. NOTE 17: NOTE PAYABLE

	September 30, 2016 $	December 31, 2015 $
Promissory note	2,000,000	2,000,000
Specogna Holding AG	649,684	605,743
R. Weimar (private investor)	10,924	131,169
Total	2,660,607	2,736,912

Promissory Note

As part of the completion of the purchase of Altos del Risco on March 9, 2013, the parties agreed that $2,000,000 of consideration is converted into a non-interest bearing and uncollateralized loan payable, which was originally due for payment on March 8, 2014, then extended to March 8, 2015. On March 16, 2015, the Company agreed with the counterparty to extend the due date to March 16, 2016.

On April 21, 2016, the Company signed a new agreement, which stipulated new payment terms. The total amount of $2,000,000 was then repayable in four quarterly installments of $500,000 each, starting on August 21, 2016.

On September 19, 2016, the Company signed a new agreement, which stipulated that the first quarterly repayment of $500,000 was due on November 21, 2016, only and not on August 21, 2016.

Loans Specogna Holding AG

On December 31, 2015, the Company entered into a short term loan agreement for approximately $607,000 with Specogna repayable on February 29, 2016, with an interest payment of 8 % per annum. The loan is secured personally and jointly by Dr. Rössler and Mr. Rigendinger.

Subsequent to the reporting date, this loan has been converted into convertible bonds.

Loan R. Weimar (private investor)

On May 23, 2014, the Company entered into a short term loan agreement for approximately $376,800 with Roland Weimar. The loan was repayable in five installments, (four payments of $84,700, one payment of $38,000), with the initial payment due on June 2, 2014 and the latest one due on June 1, 2015. The interest rate is 2 % per annum. The Company has repaid $22,683 during first quarter 2016, $34,015 was transferred to another liability in the second and $66,946 was repaid in the third quarter 2016, whereas the entire loan amount should have been repaid. The agreement does not stipulate any repercussions for late payments.

On October 4, 2016 the entire amount - including interest - was repaid.