Significant Transactions with Related Parties

3 Months Ended

Dec. 31, 2015

Significant Transactions with Related Parties [Abstract]

SIGNIFICANT TRANSACTIONS WITH RELATED PARTIES

6. SIGNIFICANT TRANSACTIONS WITH RELATED PARTIES

Accounts payable – related parties was $2,002 as of December 31, 2015 (September 30, 2015 - $4,833) for expenses to be reimbursed to directors. This amount is unsecured, non-interest bearing, and has no fixed terms of repayment.

As of December 31, 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 $33,714 to one related party, Concorde Consulting, for professional fees and consulting services provided to the Company during the period ended December 31, 2015 (December 31, 2014 - $39,618). These amounts were fully paid as of December 31, 2015.