DOMAIN PROCEEDS RECEIVABLE

6 Months Ended

Jun. 30, 2019

DOMAIN PROCEEDS RECEIVABLE [Text Block]

3. DOMAIN PROCEEDS RECEIVABLE

On October 6, 2017, the Company sold a domain name for $150,000 less a brokerage fee of $15,000. The domain purchase and transfer agreement included terms that allowed the purchaser to make monthly instalment payments of $7,500, net of the brokerage fee, over a period of 18 months. The domain is being held by an independent escrow agent during the period the remaining balance in respect of this sale is outstanding. The purchaser is entitled to control the domain name while being held in escrow but, in the event of a default that is not successfully remedied, all rights to the domain name will be transferred back to the Company and all payments made by the purchaser will be forfeited. As at June 30, 2019, the balance remaining is $Nil and the domain name has been transferred to the purchaser.