Mortgage loans

9 Months Ended

Sep. 30, 2023

Mortgage Loans

Mortgage loans

10.  Mortgage loans

Mortgage loans is disclosed as follows:

	Interest  rate			Maturity date	Principal  Outstanding		Accrued  interest		September 30, 2023		December 31, 2022
Cranberry Cove Holdings, Ltd.
Pace Mortgage		4.2	%		$	—	$	—	$	—	$	3,504,605
Disclosed as follows:
Short-term portion									$	—	$	3,504,605

Cranberry Cove Holdings, Ltd. (“CCH”)

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.

On June 30, 2023, the Company sold its interest in CCH to Leonite Capital, which includes the real property as disclosed in Note 5 and the associated mortgage loan. Refer to Note 4 above.