Significant Transactions With Related Parties

3 Months Ended

Dec. 31, 2013

Significant Transactions With Related Parties [Abstract]

Significant Transactions With Related Parties

9. Significant Transactions With Related Parties

Accounts payable – related parties was $3,809 as of December 31, 2013 (September 30, 2013 - $18,144) 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, 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 $42,894 to one related party for consulting services during the period ended December 31, 2013 (September 30, 2013 - $275,800). These amounts are included in the balance of accounts payable – related parties as of December 31, 2013.

In November 2013, a note payable in the amount of $189,500 from one of the Company’s directors was fully paid.