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Note 7: Related Party Transactions
12 Months Ended
Dec. 31, 2015
Notes  
Note 7: Related Party Transactions

 

 

7. Related Party Transactions

 

Other than amounts payable to related parties as disclosed below and in Note 3, the Company also incurred directors’ fees of $1,600 (2014 - $1,600) and consulting fees of $7,894 (2014 - $7,138) paid to a company controlled by our chief executive officer during the year ended December 31, 2015.

 

Our former chief executive officer and former director 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 December 31, 2015, our former chief executive officer was owed $60,480 (CAD 83,710) for services rendered as an officer, compared to $72,158 (CAD 83,710) as at December 31, 2014. The amounts owing for past services have been included in the total payable of $186,011 detailed below.

 

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 December 31, 2015 and 2014 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 $146,493 (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 $159,979 for unsecured non-interest bearing amounts due on demand loaned to the Company as of December 31, 2015, compared to $186,011 as of December 31, 2014.

 

Our former chief executive officer and former director is owed $28,941 for unsecured amounts bearing 6% interest due on demand loaned to the Company as of December 31, 2015, compared to $32,791 as of December 31, 2014.

 

Our other former officers are owed a total of $79,381 for their prior services rendered as officers as at December 31, 2015, compared to $92,006 as of December 31, 2014.

 

A director of the Company is owed $60,000 as of December 31, 2015 and December 31, 2014, for services rendered as a director during 2007. Two former directors of the Company are owed $76,100 as of December 31, 2015 and December 31, 2014 for services rendered as directors during 2007. .