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11. Related party transactions
6 Months Ended
Jun. 30, 2014
Related Party Transactions [Abstract]  
11. Related party transactions

11. Related party transactions

 

A portion of related party notes at June 30, 2014 is due to Greenestone Clinic Inc. in the amount of $273,195 ( December 31, 2013: $413,078). The Company is related to Greenestone Clinic Inc. as it is controlled by one of the Company’s directors. The balance owing is interest bearing, not secured and has no specified terms of repayment.

 

The other portion of related party notes at June 30, 2014 is due to Dr. Jay Parekh in the amount of $324,216 ( 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 $77,223 during the six month period ended June 30, 2014 (June 30, 2013: $98,420) to the director ( Greenestone Clinic Inc. ) for services which are included in management fees. During the three month period ended June 30, 2014 the company had management fees totalling $ 22,933 ( June 30, 2013 : $ 48,850 )

 

The Company entered into an agreement to lease premises from Cranberry Cove Holdings Ltd. at market terms. During the six month period ended June 30, 2014, the Company had rent expense of $232,432 (June 30, 2013: $272,623) 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. During the three month period ended June 30, 2014 the company had rent expense of $ 82,557 ( June 30, 2013 : $ 141,665 )

 

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.