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Related Party Transactions
3 Months Ended
Jun. 30, 2012
Related Party Transactions:  
Related Party Transactions

4. Related Party Transactions

 

Other than as disclosed elsewhere in these financial statements, the following amounts have been recorded as transactions with related parties:

 

a)      Amounts due to related parties are as follows:

 

 

 

June  2012

 

June 2011

 

 

 

 

 

Loans payable to a directors and officers of the company. The loans are unsecured, due on demand and non-interest bearing (2011 - 10%). It is expected that these loans will be repaid within the next 12 months.

 

1,731

 

27,273

 

 

 

 

 

Wages and bonus payable to a director and officer of the company. This liability is unsecured, due on demand and non-interest bearing (2011 - nil%).

 

151,070

 

78,133

 

 

 

 

 

 

 

$ 152,801

 

$ 105,406

Less: Current portion

 

(152,801)

 

(105,406)

Long-term portion

 

$ -

 

$ -

 

b) Interest expense on amounts due to directors and an officer was $nil (2011 - $10,852).

 

c) Salaries and benefits include $75,407 (2011 - $73,462) paid to a director and officer of the Company.

 

d) As at June 30, 2012, a director and officer of the Company held approximately 33.40% of the issued and outstanding shares of the Company.