Significant Transactions with Related Parties

12 Months Ended

Sep. 30, 2015

Significant Transactions with Related Parties [Abstract]

SIGNIFICANT TRANSACTIONS WITH RELATED PARTIES

9.  SIGNIFICANT TRANSACTIONS WITH RELATED PARTIES

Accounts payable – related parties was $4,833 as of September 30, 2015 (September 30, 2014 - $16,977) for expenses to be reimbursed to directors. This amount is unsecured, non-interest bearing, and has no fixed terms of repayment.

As of September 30, 2015, officers, directors, their families, and their controlled entities have acquired 53.63% of the Company’s outstanding common capital stock. This percentage does not include unexercised warrants or stock options.

The Company incurred expenses $147,006 to one related party, Concorde Consulting, an entity controlled by a director, for professional fees and consulting services provided to the Company during the year ended September 30, 2015 (September 30, 2014 - $198,703). These amounts were fully paid as of September 30, 2015.

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 from a third party based on that third parties alleged costs.

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 that director’s stock options reducing the total loan payable to $189,500 as of September 30, 2013. In November 2013, this note payable in the amount of $189,500, from one of the Company’s directors, was fully paid.