Related Party Transactions

12 Months Ended

Dec. 31, 2012

Related Party Transactions

Note 8. 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. On June 18, 2012, Mr. Derek Cooper resigned as the Company’s President, Chief Executive Officer, Chief Financial Officer and Director. Effective as of June 19, 2012, Mr. Joseph Sierchio, one of the Company’s directors, was appointed as its Acting Interim President and Chief Executive Officer; and effective as of June 27, 2012, Ms. Janet Bien was appointed as the Company’s Chief Financial Officer.

For the years ended December 31, 2012 and 2011, fees of $31,091 and $97,000 were paid or are due to officers of the Company. Included in accounts payable - related parties at December 31, 2012 is $7,200 (December 31, 2011 - $nil) for management fees.

For the years ended December 31, 2012 and 2011, directors fees of $nil and $48,000 were paid to non-officer directors of the Company.

For the years ended December 31, 2012 and 2011, legal fees of $67,090 and $47,312 were paid or are due to a company controlled by our attorney, Mr. Sierchio. Included in accounts payable - related parties at December 31, 2012 is $2,438 (December 31, 2011 - $7,850) for legal fees.