Quarterly report pursuant to Section 13 or 15(d)

Related Party Transactions

v3.6.0.2
Related Party Transactions
9 Months Ended
Dec. 31, 2016
Related Party Transactions [Abstract]  
Related Party Transactions
9. Related Party Transactions

 

(a) As at December 31, 2016, the Company was owed $37,195 (March 31, 2016 - $38,506) from a company controlled by a shareholder of the Company who has a significant influence on the Company's operations. The amounts owed are unsecured, non-interest bearing, and due on demand.

 

(b) As at December 31, 2016, the Company was owed $nil (March 31, 2016 – $11,257) from a director of the Company. The amounts owed are unsecured, non-interest bearing, and due on demand.

 

(c) As at December 31, 2016, the Company was owed $24,987 (March 31, 2016 - $984) from a shareholder of the Company who has a significant influence in the Company's operations. The amounts owed are unsecured, non-interest bearing, and due on demand.

 

(d) As at December 31, 2016, the Company owed $3,989,741 (March 31, 2016 – $4,862,555) to a company controlled by a shareholder of the Company who has a significant influence on the Company's operations. The amounts owing are unsecured, non-interest bearing, and due on demand. On July 20, 2015, the Company entered into a conversion agreement with this company, whereby up to $1,000,000 in outstanding amounts may be converted at a rate of $0.70 per share for a 12 month period between July 20, 2016 and July 20, 2017. The Company determined that the convertible debt contained no embedded beneficial conversion feature as the conversion price was the same as the fair market value of the Company’s common stock on the date of issuance.

 

(e) As at December 31, 2016, the Company owed $nil (March 31, 2016 – $38,430) to a shareholder of the Company who has a significant influence on the Company's operations. Of this amount, $nil (March 31, 2016 - $20,765) is unsecured, bears interest at the US Bank Prime Rate plus 4%, and is due on demand. The remainder of the amount owing is unsecured, non-interest bearing, and due on demand.

 

(f) As at December 31, 2016, the Company owed $159,857 (March 31, 2016 – $124,264) to directors of the Company, of which $9,870 (March 31, 2016 - $nil) was recorded in accounts payable and accrued liabilities. The amounts owing are unsecured, non-interest bearing, and due on demand.

 

(g) During the nine months ended December 31, 2016, the Company incurred $180,000 (2015 – $180,000) in consulting fees to a company controlled by a shareholder of the Company who has a significant influence on the Company's operations.

 

(h) During the nine months ended December 31, 2016, the Company incurred $186,080 (2015 – $7,563) in consulting fees to companies controlled by directors of the Company.

 

(i) During the nine months ended December 31, 2016, the Company incurred $nil (2015 - $75,632) in consulting fees to a director of the Company.