Mortgage loans

12 Months Ended

Dec. 31, 2022

Mortgage Loans

Mortgage loans

13. Mortgage loans

Mortgage loans is disclosed as follows:

	Interest  rate			Maturity date	Principal  Outstanding		Accrued  interest		December 31, 2022		December 31, 2021
Cranberry Cove Holdings, Ltd.
Pace Mortgage		4.2	%	July 19, 2022	$	3,499,772	$	4,833	$	3,504,605	$	3,864,312
Disclosed as follows:
Short-term portion									$	3,504,605	$	3,864,312

Cranberry Cove Holdings, Ltd.

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 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.

The loan matured on July 19, 2022, and negotiations with the lender continue, no new terms have been presented to the Company as yet. The Company has continued to make installments in terms of the original mortgage agreement.