Loans payable

9 Months Ended

Sep. 30, 2018

Payables and Accruals [Abstract]

Loans payable

11. Loans payable

The loans payable is as follows: 

	Interest  rate			Maturity date	Principal Outstanding		Accrued interest		September 30, 2018		December 31, 2017
Cranberry Cove Holdings
Pace Mortgage		4.2	%	July 19,2022		4,147,549		13,674		4,161,223		4,349,374
Seastone of Delray
Mortgage		5.0	%	February 13, 2020		2,950,675	$	12,295		2,962,970		2,986,920
					$	7,098,224	$	25,969	$	7,124,193	$	7,336,294
Disclosed as follows:
Short-term portion									$	162,805	$	152,402
Long-term portion										6,961,388		7,183,892
									$	7,124,193	$	7,336,294

The aggregate amount outstanding is payable as follows: 

	Amount
Within 1 year	$	162,805
1 to 2 years		3,025,469
2 to 3 years		112,598
3 to 4 years		116,163
Thereafter		3,707,158
Total	$	7,124,193

Pace Mortgage

On July 19, 2017, CCH, a wholly owned subsidiary closed on a loan agreement in the principal amount of CDN$5,500,000. The loan is secured by a first mortgage on the premises owned by CCH located at 3571 Muskoka Road 169, Bala, Ontario (the “Property”). The loan bears interest at the fixed rate of 4.2% with a 5-year primary term and a 25-year amortization. The Company has guaranteed the loan and the Company’s chief executive officer and controlling shareholder also has personally guaranteed the Loan. CCH and the Company have granted the Lender a general security interest in its assets to secure repayment of the Loan. The loan is amortized with monthly installments of CDN $29,531.

Seastone of Delray

The Company entered into a Mortgage and Security Agreement with Seastone Delray Healthcare, LLC on February 13, 2017 for the aggregate principal sum of $3,000,000, bearing interest at the rate of 5% per annum, maturing on February 13, 2020, with monthly repayments of interest and principal of $15,000. The proceeds of the mortgage of $3,000,000 was used to fund the acquisition of the Seastone Delray properties.