Significant Transactions With Related Parties

12 Months Ended

Sep. 30, 2013

Significant Transactions With Related Parties [Abstract]

SIGNIFICANT TRANSACTIONS WITH RELATED PARTIES

9.           SIGNIFICANT TRANSACTIONS WITH RELATED PARTIES

Accounts payable – related parties was $18,144 as of September 30, 2013 (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 September 30, 2013, officers, directors, their families, and their controlled entities have acquired 52.56% of the Company’s outstanding common capital stock. This percentage does not include unexercised warrants or stock options.

The Company incurred expenses totalling $275,800 to two related parties for professional fees and consulting services during the year ended September 30, 2013 (September 30, 2012 - $327,459), $98,500 of expenses related to Portwest was reversed as part of the Amending Agreement, referred to note 15. These amounts are included in the balance of accounts payable – related parties as of September 30, 2013.

As of June 30, 2013, the Company received a loan for $260,000 as a note payable from one of the Company’s directors. On    August 15, 2013, the loan payable was offset by the amount of $70,500 for exercising director’s stock options reducing the total loan payable to $189,500 as of September 30, 2013.