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Related Party Transactions
6 Months Ended
Sep. 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:

 

 

 

Sept  2012

 

Sept 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.

 

28,762

 

4,015

 

 

 

 

 

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%).

 

169,958

 

89,296

 

 

 

 

 

Accrued interest payable

 

-

 

6,534

 

 

$ 198,720

 

$ 99,845

 

 

 

 

 

Less: Current portion

 

(198,720)

 

(99,845)

Long-term portion

 

$ -

 

$ -

 

b) Interest expense on amounts due to directors and an officer was $0 (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 September 30, 2012, a director and officer of the Company held approximately 33.40% of the issued and outstanding shares of the Company.