RELATED PARTY TRANSACTIONS AND BALANCES	12 Months Ended
Dec. 31, 2011
RELATED PARTY TRANSACTIONS AND BALANCES
RELATED PARTY TRANSACTIONS AND BALANCES	6. RELATED PARTY TRANSACTIONS AND BALANCES The Company incurred the following related party transactions: a) The Company entered into an agreement with a private company controlled by a director to rent office premises requiring monthly lease payments of $CAD 13,846, which expired June 30, 2010. Office rent incurred by the Company with this private company totaled $nil ($CAD nil) and $80,225 ($CAD 83,078) for the years ended December 31, 2011 and 2010, respectively. b) The Company has entered into an agreement with a private company controlled by a director to provide management services requiring monthly payments of $CAD 30,000, expiring December 31, 2012. Management fees incurred by the Company totaled $365,202 ($CAD 360,000) and $193,132 ($CAD 200,000) for the years ended December 31, 2011 and 2010, respectively. As at December 31, 2011 the amount owing to this private company totaled $105,100. c) During the year ended December 31, 2008, the Company received proceeds of $150,810 ($CAD150,000) from a director on an unsecured promissory note. During the year ended December 31, 2010, the Company settled the loan through the issuance of shares of its common stock. The note bears interest at 8% per annum, matures December 31, 2010 and includes $150,810 ($CAD 150,000) of principal and all related accrued interest. Accrued interest payable on the note totalled $31,255 ($CAD 31,786) and $31,958 ($CAD 31,786) at December 31, 2011 and 2010, respectively. Interest expense on the note during the years ended December 31, 2011 and 2010 totalled $nil ($CAD nil) and $8,503 ($CAD 8,805), respectively. d) During the years ended December 31, 2011 and 2010 the Company incurred accounting fees of $32,970 and $32,520 with a private company of which an officer is also an officer, respectively. As at December 31, 2011, the amount owing to this private company totaled $42,337. e) During the years ended December 31, 2011 and 2010, the Company incurred $146,081 and $98,176 with a former officer for wages and salaries, respectively.

The entire disclosure for related party transactions, including the nature of the relationship(s), a description of the transactions, the amount of the transactions, the effects of any change in the method of establishing the terms of the transaction from the previous period, stated interest rate, expiration date, terms and manner of settlement per the agreement with the related party, and amounts due to or from related parties. If the entity and one or more other entities are under common ownership or management control and this control affects the operating results or financial position, disclosure includes the nature of the control relationship even if there are no transactions between the entities. Disclosure may also include the aggregate amount of current and deferred tax expense for each statement of earnings presented where the entity is a member of a group that files a consolidated tax return, the amount of any tax related balances due to or from affiliates as of the date of each statement of financial position presented, the principal provisions of the method by which the consolidated amount of current and deferred tax expense is allocated to the members of the group and the nature and effect of any changes in that method. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

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+ Details