Significant Transactions With Related Parties

3 Months Ended

Dec. 31, 2012

Related Party Transactions [Abstract]

Significant Transactions With Related Parties

9. Significant Transactions With Related Parties

Accounts payable – related parties was $411,431 as of December 31, 2012 (September 30, 2012 - $408,277) 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, 2012, officers, directors, their families, and their controlled entities have acquired 63.6% of the Company’s outstanding common capital stock. This percentage does not include unexercised warrants or stock options.

The Company incurred expenses totalling $83,218 to two related parties for professional fees and consulting services during the period ended December 31, 2012 (September 30, 2012 - $327,459). These amounts are included in the balance of accounts payable – related parties as of December 31, 2012.