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Significant Transactions With Related Parties
3 Months Ended
Dec. 31, 2011
Significant Transactions With Related Parties

9.            Significant Transactions With Related Parties

 

Accounts receivable – related party was $49 as of December 31, 2011 (September 30, 2011 - $2,522) for rents receivables from a corporation owned by a director. This amount is unsecured, non-interest bearing and has no fixed terms of repayment. The balance was repaid subsequent to year end.

 

Accounts payable – related parties was $243,086 as of December 31, 2011 (September 30, 2011 - $202,638) for fees payable to corporations owned by directors. This amount is unsecured, non-interest bearing, and has no fixed terms of repayment.

 

As of December 31, 2011, officers, directors, their families, and their controlled entities have acquired 52.19% of the Company’s outstanding common capital stock. This percentage does not include unexercised warrants or stock options.

 

 

The Company incurred expenses totalling $80,611 to two related parties for professional fees and consulting services during the period ended December 31, 2011 (September 30, 2011 - $209,117).