Long-term Debt |
Transactions related to GR Unlimited’s unsecured promissory notes during the year ended October 31, 2019, include the following:
Schedule of unsecured promissory notes |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Face value |
|
|
Carrying amount |
|
|
Interest payable |
|
Balance - October 31, 2018 |
|
$ |
50,000 |
|
|
$ |
50,000 |
|
|
$ |
10,444 |
|
60% - October 2, 2019 (iii) |
|
|
50,000 |
|
|
|
50,000 |
|
|
|
- |
|
60% - October 17, 2019 (iv) |
|
|
50,000 |
|
|
|
50,000 |
|
|
|
- |
|
Interest expense on long-term debt |
|
|
- |
|
|
|
- |
|
|
|
9,535 |
|
Debt repayments |
|
|
- |
|
|
|
- |
|
|
|
(12,000 |
) |
Balance - October 31, 2019 |
|
$ |
150,000 |
|
|
$ |
150,000 |
|
|
$ |
7,979 |
|
Less: current portion |
|
|
150,000 |
|
|
|
150,000 |
|
|
|
7,979 |
|
Balance - October 31, 2019, net of current portion |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
Transactions related to GR Unlimited’s unsecured promissory notes during the period ended October 31, 2018, include the following:
|
|
Face value |
|
|
Carrying amount |
|
|
Interest payable |
|
Balance - October 31, 2017 |
|
$ |
552,173 |
|
|
$ |
552,173 |
|
|
$ |
14,860 |
|
Amortization of deferred financing costs |
|
|
642 |
|
|
|
642 |
|
|
|
- |
|
Settled in exchange for convertible promissory note (Note 11) |
|
|
(500,000 |
) |
|
|
(500,000 |
) |
|
|
(10,416 |
) |
Interest expense on long-term debt |
|
|
- |
|
|
|
- |
|
|
|
6,000 |
|
Debt repayments |
|
|
(2,815 |
) |
|
|
(2,815 |
) |
|
|
- |
|
Balance - October 31, 2018 |
|
$ |
50,000 |
|
|
$ |
50,000 |
|
|
$ |
10,444 |
|
Less: current portion |
|
|
- |
|
|
|
- |
|
|
|
10,444 |
|
Balance - net of current portion |
|
$ |
50,000 |
|
|
$ |
50,000 |
|
|
$ |
- |
|
| i) |
On February 1, 2017: Principal of $50,000 with simple interest accrued at a rate of 12% per annum. Interest only payments due on the following: (i) $6,000 on each of July 1, 2018 and July 1, 2019 and interest and principal payment, $56,000 due on July 1, 2020. As at October 31, 2019, accrued interest of $4,444 (October 31, 2018 - $10,444) was incurred. |
| ii) |
On October 1, 2017: Principal of $500,000 with simple interest accrued at a rate of 25% per annum. During the period ended October 31, 2018, this Company formalized this debt by way of a convertible promissory note (see note 11 (iii)). |
| iii) |
On October 2, 2019: Principal of $50,000 with simple interest accrued at a rate of 60% per annum and a maturity of 90 days. As at October 31, 2019, accrued interest of $2,384 was incurred. This amount is owed to a director and officer of the Company. |
| iv) |
On October 17, 2019: Principal of $50,000 with simple interest accrued at a rate of 60% per annum and a maturity of 90 days. As at October 31, 2019, accrued interest of $1,151 was incurred. This amount is owed to a key member of management. |
|