Quarterly report pursuant to Section 13 or 15(d)

Promissory Notes Payable (Tables)

v3.7.0.1
Promissory Notes Payable (Tables)
3 Months Ended
Apr. 30, 2017
Promissory Note Payable [Member]  
Schedule of Debt [Table Text Block]
 
 
April 30, 2017
 
January 31, 2017
 
Unsecured promissory notes, accruing interest at a rate of 10% per annum maturing on the earlier of (i) May 7, 2017 or (ii) the date of closing of an equity financing (see (i))
 
$
253,000
 
$
253,000
 
Promissory notes, non-interest bearing, repayable upon the Company reporting net income from operations in a single month (see (ii))
 
 
3,450
 
 
3,450
 
 
 
 
256,450
 
 
256,450
 
Less: current portion
 
 
(256,450)
 
 
(256,450)
 
 
 
$
-
 
$
-
 
 
(i)
During the year ended January 31, 2017, the Company issued promissory notes in the aggregate principal amount of $253,000 in exchange for cash, including an amount of $153,000 to a director and officer of the Company. The promissory notes accrue interest at the rate of ten percent per annum and mature on the earlier to occur of (i) May 7, 2017 or (ii) the date of the closing date of an Equity Financing (as defined in the promissory note).
 
Subsequent to April 30, 2017, these promissory notes were repaid in full.
 
(ii)
On November 7, 2013, the Company issued a promissory note in the principal amount of CDN$28,750. The Company received $24,467 (CDN$25,000) in respect of this note, after an original issue discount (“OID”) of 15%, or $3,670 (CDN$3,750). The principal amount, net of the OID, matured and was repaid during the year ended January 31, 2015. At January 31, 2017, an amount of $3,450 (CDN$3,750) (2016: $3,450 (CDN$3,750)) is outstanding relating to the OID, which is repayable upon the Company reporting net income from operations in any single month.