On March 16, 2011 our wholly owned subsidiary, ecoTECH Energy Group (Canada) Inc., completed its acquisition of a parcel of land located in McBride, British Columbia, for an aggregate purchase price of $256,725, of which $51,345 was paid in cash along with a $200,000 Canadian dollar vendor mortgage at 8% annual interest.
The vendor mortgage has a two year term expiring March 15, 2013 and is secured by the land. Combined interest and principal payments of $1,587 are due monthly, with the balance due at expiration. Interest expense for the three months ended March 31, 2012 and 2011 was $3,947 and $667, respectively.
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