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6. Related Party Transactions
9 Months Ended
Sep. 30, 2013
Notes  
6. Related Party Transactions

 

 

 

 

NOTE 6:  Related Party Transactions

 

Other than amounts payable to related parties as disclosed below and in Note 3, the Company also incurred directors’ fees of $400 during the nine months ended September 30, 2013.

 

Our former chief executive officer and former director had entered into a consulting arrangement on a month to month basis that provided for a monthly fee of CAD 5,000. These amounts have been accrued and are currently unpaid. This consulting arrangement ended on May 24, 2013. As of September 30, 2013 our former chief executive officer was owed $81,249 (CAD 83,710) for services rendered as an officer. 

 

Our former chief financial officer and former director had 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. This consulting arrangement ended on June 14, 2013. As of September 30, 2013 our former chief financial officer was owed $58,870 for services rendered as an officer.

 

Our former chief executive officer and former director entered into a debt assignment agreement effective January 1, 2012 with a corporation with a former director in common and thereby assigned $196,798 (CAD 202,759) of unpaid amounts payable.

 

Our former chief executive officer and former 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 former chief executive officer and former director is owed $204,946 for unsecured non-interest bearing amounts due on demand loaned to the Company as of September 30, 2013.

 

Our former chief executive officer and former director is owed $35,789 for unsecured amounts bearing 6% interest due on demand loaned to the Company as of September 30, 2013.

 

Our other former officers are owed a total of $101,834 for their prior services rendered as officers.

 

A director of the Company is owed $60,000 as of September 30, 2013 for services rendered as a director during 2007. Two former directors of the Company are owed $76,100 as of September 30, 2013 for services rendered as directors during 2007. .