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3. Interest, advances and promissory notes payable (Tables)
|
3 Months Ended |
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Mar. 31, 2014
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| Interest Advancesand Promissory Notes Payable [Abstract] |
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| Schedule of Interest Payable Activity |
|
Balance, December 31, 2012
|
|
$
|
1,569,321
|
|
|
Interest incurred on promissory notes payable
|
|
|
505,571
|
|
|
Other
|
|
|
125
|
|
|
Balance, December 31, 2013
|
|
|
2,075,017
|
|
|
Interest incurred on judgement against Company (note 6(b))
|
|
|
29,583
|
|
|
Interest incurred on promissory notes payable
|
|
|
128,893
|
|
|
Balance, March 31, 2014 (unaudited)
|
|
$
|
2,233,493
|
|
|
| Schedule of Interest Payable |
|
|
|
March 31,
|
|
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December 31,
|
|
|
|
|
2014
(unaudited)
|
|
|
2013
|
|
|
Relatives of directors
|
|
$
|
1,123,080
|
|
|
$
|
1,046,523
|
|
|
Non-related parties
|
|
|
1,110,413
|
|
|
|
1,028,494
|
|
|
|
|
$
|
2,233,493
|
|
|
$
|
2,075,017
|
|
|
| Schedule of Advances Payable Activity |
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Balance, December 31, 2012
|
|
$
|
105,613
|
|
|
Advances accrued
|
|
|
30,000
|
|
|
Advances repaid from proceeds of line of credit
|
|
|
(20,000
|
)
|
|
Transfer of balance to accounts payable
|
|
|
(115,613
|
)
|
|
Balance, December 31, 2013 and March 31, 2014 (unaudited)
|
|
$
|
-
|
|
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| Schedule of Activity of Promissory Notes Payable to Unrelated Lenders |
|
Promissory notes payable
|
|
March 31,
2014
(unaudited)
|
|
|
December 31,
2013
|
|
|
|
|
|
|
|
|
|
|
Unsecured promissory notes payable to unrelated lenders:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
i.
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Interest at 1% per month, repayable on March 31, 2009, due on
demand
|
|
$
|
450,000
|
|
|
$
|
450,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ii.
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Interest at 1% per month, with $50,000 repayable on December
31, 2004, $75,000 repayable on August 18, 2007, $75,000
repayable on November 19, 2007 and the balance due on demand.
All are due on demand, accruing interest at the same rate.
|
|
|
887,455
|
|
|
|
887,455
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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iii.
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Interest at 0.625% per month, with $50,000 repayable on October
5, 2004, $40,000 repayable on December 31, 2004, and $60,000
repayable on July 28, 2006, all due on demand
|
|
|
150,000
|
|
|
|
150,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
iv.
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Non-interest-bearing, repayable on July 17, 2005, due on demand
|
|
|
270,912
|
|
|
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270,912
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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v.
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Non-interest-bearing loan repayable at $25,000 per month
beginning October 2009, none repaid to date
|
|
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310,986
|
|
|
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310,986
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
vi.
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Interest at 0.667% per month due January 15, 2011, none repaid to
date
|
|
|
125,000
|
|
|
|
125,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Promissory notes payable, secured by a guarantee from a director and
relative of a director, bearing interest at 1% per month, with $200,000
repayable on July 31, 2003, all due on demand
|
|
|
230,000
|
|
|
|
230,000
|
|
|
Total Arm's Length Promissory Notes
|
|
$
|
2,424,353
|
|
|
$
|
2,424,353
|
|
|
| Schedule of Note Payable Activity Related Parties |
|
Relatives of Directors
|
|
March 31, 2014
(unaudited)
|
|
December 31, 2013
|
|
|
|
|
|
|
|
|
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Promissory notes payable to relatives of directors
collateralized by a general security agreement on all the
assets of the Company, due on demand:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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i.
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Interest at 1% per month
|
|
$
|
845,619
|
|
$
|
845,619
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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ii.
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Interest at 1.25% per month
|
|
|
51,347
|
|
|
51,347
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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iii.
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Interest at the U.S. bank prime rate plus 1%
|
|
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500,000
|
|
|
500,000
|
|
|
|
|
|
|
|
|
|
|
|
|
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Promissory notes payable, unsecured, to relatives of a director, bearing
interest at 1% per month, due on demand
|
|
|
1,465,000
|
|
|
1,465,000
|
|
|
Total Related Party Promissory Notes
|
|
$
|
2,861,966
|
|
$
|
2,861,966
|
|
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