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Note 6: Related Party Transactions
3 Months Ended
Mar. 31, 2016
Notes  
Note 6: Related Party Transactions

 

 

6. Related Party Transactions

 

Other than amounts payable to related parties as disclosed below and in Note 3, the Company also incurred consulting fees of $275 (2015 - $3,256) paid to a company controlled by our chief executive officer during the three months ended March 31, 2016.

 

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 March 31, 2016, our former chief executive officer was owed $64,457 (CAD 83,710) for services rendered as an officer, compared to $60,480 (CAD 83,710) as at December 31, 2015. The amounts owing for past services have been included in the total payable of $169,966 as of March 31, 2016 and $159,979 as of December 31, 2015 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 March 31, 2016 and December 31, 2015 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 $156,124 (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 $169,966 for unsecured non-interest bearing amounts due on demand loaned to the Company as of March 31, 2016, compared to $159,979 as of December 31, 2015.

 

Our former chief executive officer and former director is owed $30,252 for unsecured amounts bearing 6% interest due on demand loaned to the Company as of March 31, 2016, compared to $28,941 as of December 31, 2015.

 

Our other former officers are owed a total of $83,680 for their prior services rendered as officers as at March 31, 2016, compared to $79,381 as of December 31, 2015.

 

A director of the Company is owed $60,000 as of March 31, 2016 and December 31, 2015, for services rendered as a director during 2007. Two former directors of the Company are owed $76,100 as of March 31, 2016 and December 31, 2015 for services rendered as directors during 2007.

 

 

 

 

 

 

7. Memorandum of Understanding

 

On March 17, 2016, the Company entered into a non-binding Memorandum of Understanding (“MOU”) with CaiE Food Partnership Ltd. (“CaiE”) for the purpose of acquiring CaiE as a wholly owned subsidiary. The MOU anticipates that the Company will issue, subject to shareholder approval, a fully diluted 67% interest in its common stock in exchange for the securities of CaiE. The MOU further provides that CaiE lend the Company $50,000 on a convertible basis prior to the consummation of the transaction. CaiE has loaned the Company $50,000 as of the filing date of this report, on terms yet to be determined.