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10. Related party transactions
3 Months Ended
Mar. 31, 2015
Related Party Transactions [Abstract]  
10. Related party transactions

10. Related party transactions

 

A portion of related party notes at March 31, 2015 is due to Greenestone Clinic Inc. in the amount of $47,265 (December 31, 2014: $84,736). 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 Company had management fees totaling $48,368 during the three-month period ended March 31, 2015 (March 31, 2014: $45,320) to the director (Greenestone Clinic Inc.) for services, which are included in management fees.

 

In addition, the Company’s CEO has paid various reimbursable business expenses on behalf of the Company. As of March 31, 2015 this amounts to approximately $80,000 and is recorded in Accounts Payable in the accompanying Balance Sheet.

 

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, 2015, the Company had rent expense of $88,755 (March 31, 2014: $177,381) 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.