Note Payable

12 Months Ended

Mar. 31, 2015

Notes Payable [Abstract]

Note Payable

8. Note Payable

	March 31,   2015   $			March 31,   2014   $
Opening balance		4,068,131			3,574,399
Accretion of unamortized discount		411,721			493,732
Ending balance		4,479,852			4,068,131
Less: current portion		(2,966,562	)		(1,966,562	)
Long-term portion		1,513,290			2,101,569

The principal repayments of the note payable are as follows:

	$
June 12, 2013		1,000,000
June 12, 2014		1,000,000
June 12, 2015		1,000,000
June 12, 2016		1,000,000
June 12, 2017		1,000,000
		5,000,000

On June 14, 2012, the Company entered into an Assignment and Share Transfer Agreement with PGG, a company under common control, concerning the assignment of the Representation Agreement entered between PGG and Enviro and the purchase of 100% of the issued and outstanding common shares of PGT Limited, a subsidiary of PGG, in exchange for an aggregate of 5,000,000 shares of common stock as well as a $5,000,000 promissory note.

The note payable will be repaid in instalments of $1,000,000 on the anniversary of the agreement beginning on June 12, 2013 with the income earned under the terms of the Representation Agreement. If the Company is unable to meet the repayment schedule, PGG will have the option to either roll over any unpaid portion to the following payment date or to convert the outstanding amount into shares of the Company’s stock. The note had been discounted at a market rate of 18% to arrive at the net present value of $3,127,171 as at June 12, 2012. The note is unsecured and cannot itself be used by PGG to cause the Company to become insolvent. During the year ended March 31, 2015, the Company recorded imputed interest of $900,000 (2014 - $900,000) at a rate of 18% per annum which has been included in additional paid-in capital.