RE:MD&APromissory Note Receivable
On November 29, 2017, under the terms of a promissory note bearing interest at 10% per annum, the Company loaned $USD325,000 ($414,995) to NovoCarbon Inc. ("NovoCarbon"), a company controlled by a director of the Great Lakes Graphite. The promissory note matures on May 15, 2019 and is secured by the revenue, fees, and commissions received by NovoCarbon. In the event that Novocarbon raises capital, the promissory note immediately becomes due. During the three months ended January 31, 2018, accrued interest of $7,005 was recorded in the Company's statement of operations. The holder of the promissory note is currently in default of certain administrative conditions. On April 2, 2018, the Company received a $USD250,000 ($307,325) payment against the outstanding principal.
From MD&A on sedar.