Significant Transactions With Related Parties

9 Months Ended

Jun. 30, 2012

Significant Transactions With Related Parties

9.            Significant Transactions With Related Parties

Accounts receivable – related party was $5,121 as of June 30, 2012 (September 30, 2011 - $2,522) for rents receivable 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 quarter end.

Accounts payable – related parties was $351,632 as of June 30, 2012 (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 June 30, 2012, 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 $244,604 to two related parties for professional fees and consulting services during the period ended June 30, 2012 (September 30, 2011 - $209,117).