DUE TO RELATED PARTIES AND RELATED PARTY TRANSACTIONS

12 Months Ended

Jul. 31, 2017

NOTE 8:

DUE TO RELATED PARTIES AND RELATED PARTY TRANSACTIONS

During Fiscal 2017, the Company incurred $174,299 (Fiscal 2016: $164,566; Fiscal 2015: $148,602) in general and administrative costs paid to Blender Media Inc. (“Blender”), a company controlled by Arash Adnani, the brother of our President and Chief Executive Officer, for various services including information technology, corporate branding, media, website design, maintenance and hosting, provided to the Company.

During Fiscal 2017, the Company issued 148,368 restricted common shares with a fair value of $170,060 as settlement of the equivalent amounts owed to Blender. As a result, no gain or loss on settlement of liabilities was recognized on the consolidated statements of operation and comprehensive loss.

During Fiscal 2016, the Company issued 117,998 restricted common shares with a fair value of $109,738 as settlement of amounts owed to Blender totaling $98,371. As a result, a loss on settlement of liabilities of $11,367 was recognized on the consolidated statements of operations and comprehensive loss.

During Fiscal 2015, the Company issued 15,000 restricted common shares with a fair value of $18,150 to Blender for consulting services, which was included in general and administrative expenses.

At July 31, 2017, amounts owed to Blender totaled $768 (July 31, 2016: $Nil). These amounts are unsecured, non-interest bearing and due on demand.