Due to Related Parties and Related Party Transactions

12 Months Ended

Jun. 30, 2014

Related Party Transactions [Abstract]

Due to Related Parties and Related Party Transactions

7. Due to Related Parties and Related Party Transactions

As at 30 June 2014, the amount due to related parties includes $1,000 payable to a director of the Company (30 June 2013 – $1,000). This balance is non-interest bearing, unsecured and has no fixed terms of repayment.

As at 30 June 2014, the amount due to related parties includes $55,756 payable to a company owned by a director of the Company or an officer of PharmaNet (30 June 2013 – $18,009). This balance is non-interest bearing, unsecured and has no fixed terms of repayment.

As at 30 June 2014, the amount due to related parties includes $14,779 payable to a company owned by a director of the Company or an officer of PharmaNet (30 June 2013 – $2,772). This balance is non-interest bearing, unsecured and has no fixed terms of repayment.

As at 30 June 2014, the amount due to related parties includes $7,844 payable to a company owned by a director of the Company or an officer of PharmaNet (30 June 2013 - $15,252). This balance is non-interest bearing, unsecured and has no fixed terms of repayment.

As at 30 June 2014, the amount due to related parties includes $2,127,917 payable to PharmaNet (30 June 2013 – $2,007,468). This balance is non-interest bearing, unsecured and has no fixed terms of repayment.

During the year ended 30 June 2014, a director of the Company or an officer of PharmaNet, and their controlled entities were paid or accrued consulting fees of $33,841 (30 June 2013 – $33,582, 30 June 2012 - $46,316, cumulative - $930,019).

During the year ended 30 June 2014, a director of the Company or an officer of PharmaNet, and their controlled entities were paid or accrued administrative fees of $22,678 (30 June 2013 – $24,948, 30 June 2012 - $20,449, cumulative - $90,972) by the Company, which have been recorded in office and miscellaneous expense.

During the year ended 30 June 2014, a director of the Company or an officer of PharmaNet, and their controlled entities were paid or accrued consulting fees of $6,946 (30 June 2013 - $90,376, 30 June 2012 - $21,285, cumulative - $118,607) by the Company.

During the year ended 30 June 2014, a director of the Company or an officer of PharmaNet, and their controlled entities were paid or accrued consulting fees of $Nil (30 June 2013 – $Nil, 30 June 2012 - $33,024, cumulative – $41,928) by the Company.

During the year ended 30 June 2014, a director of the Company or an officer of PharmaNet, and their controlled entities were paid or accrued office and miscellaneous expenses of $Nil (30 June 2013– $Nil, 30 June 2012 - $Nil, cumulative – $80,468) by the Company.

During the year ended 30 June 2014, a director of the Company or an officer of PharmaNet, and their controlled entities were paid or accrued rental fees of $Nil (30 June 2013 – $Nil, 30 June 2012 - $Nil, cumulative – $12,987) by the Company.

During the year ended 30 June 2014, a director of the Company or an officer of PharmaNet, and their controlled entities were paid or accrued office and miscellaneous expenses of $Nil (30 June 2013 - $Nil, 30 June 2012 - $Nil, cumulative – $4,481) by the Company.

During the year ended 30 June 2014, a director of the Company or an officer of PharmaNet, and their controlled entities were paid or accrued consulting fees of $Nil (30 June 2013 - $8,473, 30 June 2012 - $Nil, cumulative - $8,473) by the Company.

Transactions comprising the amount due to PharmaNet are as follows:

	2014	2013
	$	$
Opening balance, beginning of year	2,007,468	2,036,760
Funds transferred to the Company by PharmaNet	60,054	204,583
Expenses paid by PharmaNet on behalf of the Company	1,304	1,004
Foreign currency translation adjustment	59,091	(234,879)
Balance, end of year	2,127,917	2,007,468

The weighted average amount due to PharmaNet for the year ended 30 June 2014 was $2,047,991 (30 June 2013 - $2,160,632).