Significant Transactions with Related Parties

3 Months Ended

Dec. 31, 2016

Significant Transactions with Related Parties [Abstract]

SIGNIFICANT TRANSACTIONS WITH RELATED PARTIES

6. SIGNIFICANT TRANSACTIONS WITH RELATED PARTIES

Accounts payable – related parties was $3,214 as of December 31, 2016 (September 30, 2016 - $2,469) 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, 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 $33,516 to one related party, Concorde Consulting, and entity controlled by a director, for professional fees and consulting services provided to the Company during the period ended December 31, 2016 (December 31, 2015 - $33,714). These amounts were fully paid as of December 31, 2016.