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6. Loans payable
6 Months Ended
Jun. 30, 2016
Payables and Accruals [Abstract]  
6. Loans payable
  6. Loans payable

 

The Company has an automobile loan payable bearing interest at 4.49% with blended monthly payments of $835 that matures in March 2018. The loan is secured by the vehicle with a net book value as at June 30, 2016 of $13,715.

 

   

June 30,

2016

  December 31, 2015
    Unaudited    
Automobile loan                
Current portion   $ 7,273     $ 6,684  
Long-term portion     5,673       8,788  
    $ 12,946     $ 15,472  

 

Estimated principal payments are as follows:

 

    Amount
         
Within 1 year     7,273  
1 to 2 years   $ 5,673  
    $ 12,946