XML 48 R17.htm IDEA: XBRL DOCUMENT

11. Related party transactions	3 Months Ended
Mar. 31, 2014
Related Party Transactions [Abstract]
11. Related party transactions	11. Related party transactions A portion of related party notes at March 31, 2014 is due to Greenestone Clinic Inc. in the amount of $327,975 ( December 31, 2013: $398,087). The Company is related to Greenestone Clinic Inc. as it is controlled by one of the Company’s directors. The balance owing is non-interest bearing, not secured and has no specified terms of repayment. The other portion of related party notes at March 31, 2014 is due to Dr. Jay Parekh in the amount of $231,639 ( December 31, 2013: $224,269). He is a shareholder of the company and a director of the subsidiary clinic. The amount due in related party fees is non-interest bearing and has no specified terms of repayment. The Company had management fees totaling $54,367 during the three month period ended March 31, 2014 (March 31, 2013: $49,595) to the director ( Greenestone Clinic Inc. ) for services which are included in management fees. The Company entered into an agreement to lease premises from Cranberry Cove Holdings Ltd. at market terms. During the three month period ended March 31, 2014, the Company had rent expense of $149,276 (March 31, 2013: $138,000) to Cranberry Cove Holdings Ltd. Cranberry Cove Holdings Ltd. is related to the Company by virtue of its shareholder being a director of the Company. All related party transactions occur in the normal course of operations and are measured at the exchange amount, as agreed upon by the related parties.

11. Related party transactions

3 Months Ended

Mar. 31, 2014

11. Related party transactions

A portion of related party notes at March 31, 2014 is due to Greenestone Clinic Inc. in the amount of $327,975 ( December 31, 2013: $398,087). The Company is related to Greenestone Clinic Inc. as it is controlled by one of the Company’s directors. The balance owing is non-interest bearing, not secured and has no specified terms of repayment.

The other portion of related party notes at March 31, 2014 is due to Dr. Jay Parekh in the amount of $231,639 ( December 31, 2013: $224,269). He is a shareholder of the company and a director of the subsidiary clinic. The amount due in related party fees is non-interest bearing and has no specified terms of repayment.

The Company had management fees totaling $54,367 during the three month period ended March 31, 2014 (March 31, 2013: $49,595) to the director ( Greenestone Clinic Inc. ) for services which are included in management fees.

The Company entered into an agreement to lease premises from Cranberry Cove Holdings Ltd. at market terms. During the three month period ended March 31, 2014, the Company had rent expense of $149,276 (March 31, 2013: $138,000) to Cranberry Cove Holdings Ltd. Cranberry Cove Holdings Ltd. is related to the Company by virtue of its shareholder being a director of the Company.

All related party transactions occur in the normal course of operations and are measured at the exchange amount, as agreed upon by the related parties.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References+ Details