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Note 6: Related Party Transactions
9 Months Ended
Sep. 30, 2017
Disclosure Text Block [Abstract]  
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 $6,181 (2016 - $7,438) paid to a company controlled by our chief executive officer during the nine months ended September 30, 2017.

 

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 September 30, 2017, our former chief executive officer was owed $67,077 (CAD$83,710) for services rendered as an officer, compared to $62,347 (CAD$83,710) as at December 31, 2016. The amounts owing for past services have been included in the total payable of $266,919 as of September 30, 2017 and $249,585 as of December 31, 2016.

 

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, 2017 and December 31, 2016 our former chief financial officer was owed $58,870 for services rendered.

 

Our former chief executive officer and former director is owed $266,919 for unsecured non-interest bearing amounts due on demand loaned to the Company as of September 30, 2017, compared to $249,585 as of December 31, 2016.

 

Our former chief executive officer and former director is owed $131,116 for unsecured amounts bearing 6% interest due on demand loaned to the Company as of September 30, 2017, compared to $129,556 as of December 31, 2016.

 

Our former chief executive officer and former director entered into a debt assignment agreement during the year ended December 31, 2016 to assume $100,000 in unpaid loans and $83,357 in unpaid amounts payable from a third party.

 

Our other former officers are owed a total of $86,513 for their prior services rendered as officers as at September 30, 2017, compared to $81,399 as of December 31, 2016.

 

A director of the Company is owed $60,000 as of September 30, 2017 and December 31, 2016, for services rendered as a director during 2007. Two former directors of the Company are owed $76,100 as of September 30, 2017 and December 31, 2016 for services rendered as directors during 2007.