Related Party Transactions | 9. Related Party Transactions The following are related party transactions not disclosed elsewhere in these interim consolidated financial statements: (a) During the year ended July 31, 2015, the Company accrued $18,356 for severance pay to the former President and CEO of the Company which is unsecured, non-interest bearing, and due on demand. As at January 31, 2016, $16,645 (July 31, 2015 - $17,964) was owing to the former President. (b) As at January 31, 2016, the Company was owed $1,273 (July 31, 2015 - $1,374) from the Vice President of the Company which is unsecured, non-interest bearing, and due on demand. (c) As at January 31, 2016, the Company owed $42,612 (Cdn$60,000) (July 31, 2015 - $45,988) for a loan payable to a director of the Company. The loan is secured against the Companys assets, bears interest at a rate of 12.68% per annum and due on the earlier of (i) the Company raising Cdn$1,000,000 or more through issuance of equity or debt or (ii) November 19, 2016. As at January 31, 2016, $6,042 (Cdn$8,508) (July 31, 2015 - $3,581) was owed for accrued interest. (d) As at January 31, 2016, the Company owed $42,612 (Cdn$60,000) (July 31, 2015 - $45,988) for a loan payable to a director of the Company. The loan is secured against the Companys assets, bears interest at a rate of 12.68% per annum and due on the earlier of (i) the Company raising Cdn$1,000,000 or more through issuance of equity or debt or (ii) November 19, 2016. As at January 31, 2016, $5,829 (Cdn$8,208) (July 31, 2015 - $3,351) was owed for accrued interest. (e) As at January 31, 2016, the Company owed $22,785 (Cdn$32,082) (July 31, 2015 - $24,591) for a loan payable to a director of the Company. The loan is secured against the Companys assets, bears interest at a rate of 12.68% per annum and due on November 19, 2016. As at January 31, 2016, $1,832 (Cdn$2,579) (July 31, 2015 - $404) was owed for accrued interest. (f) As at January 31, 2016, the Company owed $19,774 (Cdn$27,844) (July 31, 2015 - $21,337) for a loan payable to a director of the Company. The loan is secured against the Companys assets, bears interest at a rate of 12.68% per annum and due on November 19, 2016. As at January 31, 2016, $1,611 (Cdn$2,268) (July 31, 2015 - $375) was owed for accrued interest. (g) As at January 31, 2016, the Company owed $41,730 (Cdn$58,759) (July 31, 2015 - $nil) for a loan payable to a director of the Company. The loan is secured against the Companys assets, bears interest at a rate of 12.68% per annum and due on November 19, 2016. As at January 31, 2016, $1,911 (Cdn$2,690) (July 31, 2015 - $nil) was owed for accrued interest. (h) As at January 31, 2016, the Company owed $44,267 (Cdn$62,330) (July 31, 2015 - $nil) for a loan payable to a former director of the Company. The loan is secured against the Companys assets, bears interest at a rate of 12.68% per annum and due on November 19, 2016. As at January 31, 2016, $1,988 (Cdn$2,799) (July 31, 2015 - $nil) was owed for accrued interest. (i) As at January 31, 2016, the Company owed $1,775 (Cdn$2,500) (July 31, 2015 - $nil) for a loan payable to a former director of the Company. The loan is secured against the Companys assets, bears interest at a rate of 12.68% per annum and due on November 19, 2016. As at January 31, 2016, $49 (Cdn$69) (July 31, 2015 - $nil) was owed for accrued interest. (j) As at January 31, 2016, the Company owed $3,126 (Cdn$4,402) (July 31, 2015 - $nil) for a loan payable to a former director of the Company. The loan is secured against the Companys assets, bears interest at a rate of 12.68% per annum and due on November 19, 2016. As at January 31, 2016, $86 (Cdn$121) (July 31, 2015 - $nil) was owed for accrued interest. (k) As at January 31, 2016, the Company owed $2,841 (Cdn$4,000) (July 31, 2015 - $3,065) to a company controlled by the former President of the Company which is unsecured, non-interest bearing, and due on demand. (l) Included in accounts payable as at January 31, 2016 is $21,639 (July 31, 2015 - $20,275) owing to related parties for expense reimbursements. (m) As at January 31, 2016, the Company had deferred compensation of $nil (July 31, 2015 - $2,009) incurred to directors and officers of the Company. During the period ended January 31, 2016, deferred compensation of $2,009 (2015 - $nil) was charged to operations and included in general and administrative expenses. (n) During the period ended January 31, 2016, the Company incurred consulting fees (included in general and administrative expenses) of $53,726 (Cdn$73,800) (2015 - $88,472) to directors and officers of the Company. (o) During the period ended January 31, 2016, the Company incurred consulting fees (included in general and administrative expenses) of $nil (2015 - $1,928) to the daughter of the former President of the Company. (p) During the period ended January 31, 2016, the Company incurred consulting fees (included in general and administrative expenses) of $nil (2015 - $35,994) and cost of living expenses of $nil (2015 - $7,713) to the daughter of the Vice President of the Company. (q) During the period ended January 31, 2016, the Company granted nil (2015 - 5,925,000) stock options with a fair value of $nil (2015 - $237,000) (included in general and administrative expenses) to directors and officers of the Company. (r) During the period ended January 31, 2016, the Company granted nil (2015 - 200,000) stock options with a fair value of $nil (2015 - $8,000) (included in general and administrative expenses) for bookkeeping services to the spouse of the former President of the Company. (s) As at January 31, 2016, the company owed $17,755 (Cdn$25,000) (July 31, 2015 - $nil) for a loan payable to a majority shareholder of the Company. This loan is secured against the Companys assets, non-interest bearing and due on demand. |