Mortgage Loans

6 Months Ended

Jun. 30, 2019

Notes to Financial Statements

Mortgage Loans

12. Mortgage loans

Mortgage loans payable is disclosed as follows:

	Interest  rate			Maturity date	Principal  Outstanding		Accrued  interest		June 30, 2019		December 31, 2018
Cranberry Cove Holdings, Ltd.
Pace Mortgage		4.2	%	July 19, 2022	$	4,011,864	$	5,078	$	4,016,942	$	3,924,836
ARIA
Mortgage		5.0	%	February 13, 2020		-		-		-		2,954,786
					$	4,011,864	$	5,078	$	4,016,942	$	6,879,622
Disclosed as follows:
Short-term portion									$	110,815	$	172,276
Long-term portion										3,906,127		6,707,346
									$	4,016,942	$	6,879,622

The aggregate amount outstanding is payable as follows:

	Amount
Within one year		110,815
One to two years		110,225
Two to three years		114,903
Three to four years		3,680,999
Total	$	4,016,942

Cranberry Cove Holdings, Ltd – 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.

ARIA

On February 13, 2017, the Company, through its subsidiary, ARIA, entered into a Mortgage and Security Agreement to purchase the properties located at 801 and 810 Andrews Avenue, Delray Beach, Florida, for an aggregate principal sum of $3,000,000, bearing interest at the rate of 5% per annum, maturing on February 13, 2020, with monthly installments of $15,000.

On April 2, 2019, the Company entered into a Commercial Contract whereby the real property at 801 Andrews Avenue, Delray Beach, Florida, consisting of land and condominiums thereon, was sold to JAGGM, LLC for $3,500,000. This transaction closed during April 2019 and the principal mortgage liability of $2,942,526, including interest thereon was settled.