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4. Related Party Transactions
9 Months Ended
Sep. 30, 2015
Notes  
4. Related Party Transactions

4.   RELATED PARTY TRANSACTIONS

 

A total of $68,690 had been accrued for consultants and directors’ fees at December 31, 2014. For the nine months ended September 30, 2015, the Company paid $12,892 of directors’ fees and accrued an additional $25,000 for services performed during the period, which is included in related party payable. During the year ended December 31, 2014, a total of 1,650,000 common shares and 450,000 options to purchase common shares were issued to directors having a total fair value of $96,300, which brought the total consultants and directors’ fees recognized for the year ended December 31, 2014 to $143,075.

 

Included in related party payables at September 30, 2015 are accruals totaling $22,054 for fees and expenses incurred by corporate officers and directors during the quarter then ended. The accruals for such fees and expenses at December 31, 2014 was $4,969.