LOANS RECEIVABLE

12 Months Ended

Nov. 30, 2019

Loans Receivable [Abstract]

LOANS RECEIVABLE

8. LOANS RECEIVABLE

Current amounts

As at November 30, 2019, the current loans receivable including accrued interest is as follows:

	Waterproof	Participant Games	Installment Entertainment	Total
	$	$	$	$
Balance November 30, 2017	100,399	172,135	109,357	381,891
Accrued interest revenue	8,116	27,671	17,580	53,367
Repayments received	(3,963)	-	-	(3,963)
Balance November 30, 2018	104,552	199,806	126,937	431,295
Reclassified as long-term	-	(199,806)	(126,937)	(326,743)
Accrued interest revenue	8,137	-	-	8,137
Repayments received	(17,807)	-	-	(17,807)
Balance November 30, 2019	94,882	-	-	94,882

During fiscal 2016, the Company entered into a revolving credit facility agreement with Waterproof and advanced $100,000 to Waterproof.  The revolving credit facility is unsecured, bears interest at 8% per annum and was due on July 21, 2017.  If there is a default or an event of default has occurred and is continuing, all amounts outstanding shall bear interest, after as well as before judgment, at a rate per annum equal to 2% plus the applicable rate.  Interest is payable on the first business day of each month.  As at November 30, 2019, the Company had accrued interest receivable of $11,651 (2018 - $11,322).  Subsequent to November 30, 2019, the Company received payment in full.

Long-term amounts

Loans receivable are classified as long-term when management has determined that they will not be receiving payment on these loans within the next twelve months.  As at November 30, 2019, the long-term loans receivable including accrued interest are as follows:

	Participant Games	Installment Entertainment	Total
	$	$	$
Balance November 30, 2018	-	-	-
Reclassified from current	199,806	126,937	326,743
Accrued interest revenue	32,120	20,405	52,525
Expected credit loss	(115,963)	(29,468)	(145,431)
Balance November 30, 2019	115,963	117,874	233,837

During fiscal 2017, the Company entered into a subordinated convertible note with Participant Games Inc. in the amount of $150,000. The convertible note is unsecured, bears interest at 15% per annum and was due on demand on or before December 21, 2017. The loan was convertible into shares, at any time prior to December 21, 2018 and accordingly the value of the conversion feature remaining from the convertibility feature was nominal as at November 30, 2018.  As at November 30, 2019, the Company has accrued interest receivable of $81,926 (2018 - $49,806) and has recorded an allowance for credit loss of $115,963 (2018 - $Nil) as the note remains unpaid.

During fiscal 2017, the Company entered into a convertible note with Installment Entertainment Inc. in the amount of $100,000. The convertible note is unsecured, bears interest at 15% per annum and was payable on demand on or before April 21, 2018.  The loan was convertible into shares, at any time prior to April 21, 2018.  As at November 30, 2019, the Company has accrued interest receivable of $47,342 (2018 - $26,937) and has recorded an allowance for credit loss of $29,468 (2018 - $Nil) as the note remains unpaid.