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Note: 9. Convertible Loan
12 Months Ended
Dec. 31, 2016
Notes  
Note: 9. Convertible Loan

NOTE: 9. Convertible Loan

 

On May 18, 2016, the Company entered into a Convertible Promissory Note (“Convertible Note”) agreement pursuant to which the Company received $50,000 (2015 - $Nil) from CaiE Food Partnership Ltd. (“CaiE”). The $50,000 Convertible Note is convertible into common stock, in whole or in part, at any time and from time to time before maturity at the option of the holder at a fixed price of $0.20 per share. Due to the conversion price being lower than the closing share price on the grant date, a beneficial conversion feature resulted from this issuance. The Convertible Note accrues interest at a rate equal to 10% per year.  During the year ended December 31, 2016 and 2015, $10,417 and $Nil of the discount was amortized, respectively. As at December 31, 2016 and 2015, the balance of the Convertible Note was $35,417 and $Nil respectively.