Related Party Transactions

3 Months Ended

Mar. 31, 2012

Related Party Transactions

9. Related Party Transactions

On January 12, 2012, Mr. Cacace resigned from the positions of President, Chief Executive Officer, Chief Financial Officer and Director of the Company and Mr. Derek Cooper was appointed to the positions of President, Chief Executive Officer, Chief Financial Officer and Director of the Company.

For the three month period ended March 31, 2012, fees of $9,189 (2011 - $9,000) were paid or are due to officers of the Company.

For the three month period ended March 31, 2012, directors fees of $0 (March 31, 2011 - $12,000) were paid to non-officer directors of the Company.

For the three month period ended March 31, 2012, legal fees of $12,744 (March 31, 2011 - $15,642) were paid or are due to a company controlled by our attorney, Mr. Sierchio, who was appointed to our board effective August 26, 2010. Included in accounts payable – related parties at March 31, 2012 is $4,200 (December 31, 2011 - $7,850) for legal fees.

These transactions are in the normal course of operations and are measured at the exchange amount, which is the amount of consideration established and agreed to by the related parties.