DOMAIN PROCEEDS RECEIVABLE

12 Months Ended

Dec. 31, 2019

Domain Proceeds Receivable [Abstract]

DOMAIN PROCEEDS RECEIVABLE [Text Block]

5. DOMAIN PROCEEDS RECEIVABLE
 

On October 6, 2017, the Company sold a domain name for total consideration of $150,000 less a brokerage fee of $15,000. The domain purchase and transfer agreement included terms that allowed the purchaser to make monthly instalment payments of $7,500, net of the brokerage fee, over a period of 18 months. The domain was being held by an independent escrow agent during the period the remaining balance in respect of this sale was outstanding. The purchaser was entitled to control the domain name while being held in escrow but, in the event of a default that is not successfully remedied, all rights to the domain name would be transferred back to the Company and all payments made by the purchaser would be forfeited. As at December 31, 2019 the remaining balance is $NIL, and the domain name was released from escrow.