Related Party Transactions | 5. Related Party Transactions a) As at February 28, 2015, the Company owes $936 (May 31, 2014 - $936) to the former President and Director of the Company for payment of general expenses. The amount owing is unsecured, non-interest bearing, and due on demand. b) As at May 13, 2014, the Company owes $2,065 to a related party, the immediate family member of the former President and Director of the Company for payment of general expenses. The amount owing was unsecured, non-interest bearing, and due on demand. On May 13, 2014, the debt of $2,065 was sold to MGRD, Inc. who is owned by a related party, an immediate family member of the Chief Executive Officer and Director of the Company. c) As at May 13, 2014, the Company owes $4,348 (May 31, 2013 - $nil) to the Chief Executive Officer and Director of the Company for payment of general expenses. The amount owing is unsecured, non-interest bearing, and due on demand. On May 13, 2014, the debt of $4,348 was sold to MGRD, Inc. who is owned by a related party, an immediate family member of the Chief Executive Officer and Director of the Company. The amounts owing above have an imputed interest at 8%. It has been expensed and recorded as additional paid-in capital of $56 and $70 at nine months ended February 28, 2015 and 2014, respectively. During May, 2014, following the debt sales of a total of $137,161 (See Note 3, $17,500 on May 3, 2011; $5,000 on July 1, 2011; $20,000 on July 5, 2011; $20,000 on October 4, 2011; $25,000 on April 10, 2012; and accrued interest of $22,681 on May 3, 2014; See Note 5 b) and c), $2,065 and $4,348, respectively, on May 13, 2014; See note 4, $20,000 and accrued interest of $567 on May 5, 2014) including accrued interest of $23,248 to MGRD, Inc. who is owned by a related party, an immediate family member of Chief Executive Officer and Director of the Company. The note bears interest of 8% and matures in May, 2016. As at February 28, 2015 and May 31, 2014, the Company recorded accrued interest of $8,208 and $867 which has been recorded as accrued liabilities. |