7. Related Party Transactions

12 Months Ended

Dec. 31, 2012

Notes

7. Related Party Transactions

7. Related Party Transactions

Other than amounts payable to related parties as disclosed below and in Note 3, the Company did not have any other related party transactions for the periods ended December 31, 2012 and 2011.

Our chief executive officer and director has entered into a consulting arrangement on a month to month basis that provides for a monthly fee of CAD 5,000. These amounts have been accrued and are currently unpaid. As of December 31, 2012 our chief executive officer was owed $60,306 (CAD 60,000) for services rendered as an officer. 

Our chief financial officer and director has entered into a consulting agreement on a month to month basis that provides for a monthly fee of $2,000. These amounts have been accrued and are currently unpaid. As of December 31, 2012 our chief financial officer was owed $48,000 for services rendered as an officer.

Our chief executive officer and director entered into a debt assignment agreement effective January 1, 2012 with a corporation with a director in common and thereby assigned $199,373 (CAD 202,759) of unpaid amounts payable.

Our chief executive officer and director entered into a debt assignment agreement effective January 1, 2012 with an unrelated third party and thereby assigned $53,357 of unpaid amounts payable and $100,000 of unpaid loans.

Our chief executive officer and director is owed $186,257 for unsecured non-interest bearing amounts due on demand loaned to the Company as of December 31, 2012.

Our chief executive officer and a director is owed $36,741 for unsecured amounts bearing 6% interest due on demand loaned to the Company as of December 31, 2012.

Our former officers are owed a total of $104,957 for their prior services rendered as officers.

A director of the Company is owed $60,000 as of December 31, 2012 for services rendered as a director during 2007. Two former directors of the Company are owed $76,100 as of December 31, 2012 for services rendered as directors during 2007.