NOTE 11: SECURED LOAN PAYABLE

12 Months Ended

Dec. 31, 2018

Notes to Financial Statements

SECURED LOAN PAYABLE

NOTE 11: SECURED LOAN PAYABLE

	As at December 31,
	2018		2017		2016
Principal	$	550,000	$	550,000	$	550,000
Interest		167,460		126,849		88,537
	$	717,460	$	676,849	$	638,537

On June 12, 2015, the Company, through its wholly owned subsidiary EHC, acquired all of the assets of Presto in consideration for the assumption by the Company of Presto’s liability to Bayview Equities Ltd (the “Secured Party”) in the amount of $550,000 plus accrued interest of $35,893. The liability is secured by a grant to the Secured Party of a security interest in all the assets of EHC. The liability bears interest at 6% per annum and is due upon demand.