Related Party Transactions

12 Months Ended

Mar. 31, 2015

Related Party Transactions [Abstract]

Related Party Transactions

9. Related Party Transactions

(a) During the year ended March 31, 2015, the Company incurred $nil (2014 - $21,465) in consulting fees to former directors of a wholly owned subsidiary of the Company.

(b) During the year ended March 31, 2015, the Company incurred $240,000 (2014 – $240,000) in consulting fees to a company controlled by a director of a wholly owned subsidiary of the Company.

(c) During the year ended March 31, 2015, the Company incurred $26,280 (2014 – $15,205) in consulting fees to a company controlled by a director of the Company.

(d) As at March 31, 2015, $nil (2014 – $33,348 (20,000 GBP)) was owed to a company controlled by former directors of EPSB for consulting fees incurred, which is included in accounts payable and accrued liabilities.

(e) As at March 31, 2015, the Company owed $4,937,037 (2014 – $3,746,282) to a company controlled by a director of a wholly owned subsidiary of the Company. Of this amount, $49,096 is unsecured, bears interest at the US Bank Prime Rate plus 4%, and due on demand. The remainder of the amount owing is unsecured, non-interest bearing, and due on demand.

(f) As at March 31, 2015, the Company owed $29,762 (20,042 GBP) (2014 – $33,418 (20,042 GBP)) to a company under common control. The amount owing is unsecured, non-interest bearing, and due on demand.

(g) As at March 31, 2015, the Company owed $98,389 (2014 – $832,883) to a significant shareholder of the Company. Of this amount, $79,219 is unsecured, bears interest at the US Bank Prime Rate plus 4%, and due on demand. The remainder of the amount owing is unsecured, non-interest bearing, and due on demand. Refer to Note 16.

(h) As at March 31, 2015, the Company owed $818 (2014 – $688,368) to directors of the Company’s wholly-owned subsidiaries. The amounts owing are unsecured, non-interest bearing, and due on demand.

(i) As at March 31, 2015, the Company was owed $11,257 (2014 – $nil) from a director of the Company. The amount owing is unsecured, non-interest bearing, and due on demand.