Related Party Transactions

3 Months Ended

Oct. 31, 2016

Notes to Financial Statements

Note 4. Related Party Transactions

(a) On July 31, 2016, the Company issued a promissory note for $70,774 to the former President and CEO of the Company. The note bears interest at 5% per annum, is unsecured, and is due on demand. In the event of default, the holder may convert the unpaid amount of principal and accrued interest at a price of $0.003 per share of the Company’s common stock. As at October 31, 2016, the note has a principal amount outstanding of $56,824 (July 31, 2016 - $61,624) and accrued interest of $6,995 (July 31, 2016 - $6,279) which has been included in accounts payable and accrued liabilities.

(b) As at October 31, 2016, the Company owes $5,070 (July 31, 2016 - $5,070) to the CEO of the Company, which is non-interest bearing, unsecured, and due on demand.