Disposal of subsidiaries

12 Months Ended

Dec. 31, 2022

Disposal Of Subsidiaries

Disposal of subsidiaries

5. Disposal of subsidiaries

On December 30, 2022, the Company entered into two agreements whereby it sold Greenstone Muskoka and ARIA to the Company Chairman and CEO for gross proceeds of $0.

Immediately prior to the disposal of these subsidiaries, Greenstone Muskoka forgave its intercompany receivable owing from the Company of $6,690,381 and the Company forgave its intercompany balance owing from ARIA of $9,605,315.

The Company also assumed the liability to pay for the Government assistance loan of $50,073.

The assets and liabilities disposed of were as follows:

	Greenstone Muskoka		ARIA		Net book value
Assets
Cash	$	382	$	1,038	$	1,420
		382		1,038		1,420
Liabilities
Accounts payable and accrued liabilities		—		134,795		134,795
Payroll taxes		134,812		—		134,812
Income taxes payable		360,380		—		360,380
		495,192		134,795		629,987
Net liabilities sold		494,810		133,757		628,567
Net proceeds realized		—		—		—
Gain on disposal booked as adjustment to paid in capital	$	494,810	$	133,757	$	628,567