Significant Transactions With Related Parties

9 Months Ended

Jun. 30, 2014

Significant Transactions With Related Parties [Abstract]

Significant Transactions With Related Parties

9.             Significant Transactions With Related Parties

Accounts payable – related parties was $nil as of June 30, 2014 (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 June 30, 2014, officers, directors, their families, and their controlled entities have acquired 52.83% of the Company’s outstanding common capital stock. This percentage does not include unexercised warrants or stock options.

The Company incurred expenses $124,997 to one related party for consulting services during the period ended June 30, 2014 (September 30, 2013 - $275,800). These amounts were fully paid as of June 30, 2014.

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

As of June 27, 2014, $1,007,000 was paid to Mr. Malik Youyou, who is a director and majority shareholder of the Company, for the purchase and transfer of an undivided 2.5% interest out of the Purported 6.5% Royalty. The consideration paid was for the reimbursement of the original cost (in US Dollars) that Mr. Youyou paid to acquire this 2.5% interest in the Purported 6.5% Royalty.