8. Due from the sale of Subsidiary

9 Months Ended

Sep. 30, 2015

Discontinued Operations and Disposal Groups [Abstract]

8. Due from the sale of Subsidiary

8. Due from the sale of Subsidiary

On December 17, 2014, the Company completed the sale of all the outstanding shares of the Endoscopy clinic, for the sum of CDN$1,282,002, comprised of the agreed purchase price of CDN$1,250,000 and the acquisition of net assets at closing of CDN$32,002 The sale price of CDN$1,282,002 included the assumption by the buyer of debt in the same amount as the sale price, which debt is owed by the Endoscopy clinic to the Company in the amount of CDN$895,460 and to the buyer of CDN$386,542. At closing, the buyer offset the assumed debt to the registrants of CDN$895,460 by CDN$277,500 through the cancellation of 2,408,268 shares of the Company’s common stock, for a net amount due to the Company of CDN$617,960. This debt is owed by the buyer to the Company in the form of an interest bearing note with a coupon of 5% per annum. The note was originally due on June 30, 2015 which was recently extended to December 31, 2015. The amount outstanding of CDN$617,960 was revalued at US$461,369 and US$493,806 as of September 30, 2015 and December 31, 2014, respectively. The interest due on the note amounted to CDN$29,628 as of September 30, 2015 and was revalued at US$22,120 as of September 30, 2015. Management has evaluated this receivable and believes that this receivable is collectible and no reserve is deemed necessary.

The amount due on the sale if subsidiary is as follows:

	September 30, 2015		December 31, 2014
Note payable	$	461,369	$	493,806
Accrued interest		22,120		—
	$	483,489	$	493,806