Related Party Transactions

6 Months Ended

Mar. 31, 2016

Related Party Transactions [Abstract]

Related Party Transactions

Note 9 Related Party Transactions

During the three and six months ended March 31, 2016, the Company accrued general and administrative expenses totaling $125,078 and $3,169,933, respectively (March 31, 2015: $16,082 and $32,465, respectively) in respect of directors fees, restricted stock compensation and stock option compensation charges paid or accrued to directors and officers of the Company. Of the total, $121,578 and $258,092, respectively (March 31, 2015: $13,582 and $27,465, respectively) related to non-cash stock option compensation charges, $0 and $610,000, respectively (March 31, 2015: $0 and $0, respectively) related to non-cash restricted stock compensation charges, and $0 and $2,290,341, respectively (March 31, 2015: $0 and $0, respectively) related to a tax payment made on behalf of a director and officer of the Company, in accordance with the terms of a 2013 employment agreement.

The fair value of $2.44 per share for non-cash restricted stock compensation charges was determined with reference to the quoted market price of the Company’s shares on the commitment date.

As at March 31, 2016, included in accounts payable and accrued liabilities was $30,500 (September 30, 2015: $33,000) owing to directors and officers of the Company for director fees and reimbursable expenses, and a former director and officer of the Company for unpaid fees.