Significant Transactions with Related Parties

6 Months Ended

Mar. 31, 2016

Significant Transactions with Related Parties [Abstract]

SIGNIFICANT TRANSACTIONS WITH RELATED PARTIES

6. SIGNIFICANT TRANSACTIONS WITH RELATED PARTIES

Accounts payable – related parties was $3,050 as of March 31, 2016 (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 March 31, 2016, 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 $66,456 to one related party, Concorde Consulting, for professional fees and consulting services provided to the Company during the period ended March 31, 2016 (March 31, 2015 - $76,005). These amounts were fully paid as of March 31, 2016.