Quarterly report pursuant to Section 13 or 15(d)

Related Party Transactions

v3.7.0.1
Related Party Transactions
3 Months Ended
Jun. 30, 2017
Related Party Transactions [Abstract]  
Related Party Transactions
9. Related Party Transactions

 

(a) As at June 30, 2017, the Company was owed $25,081 (March 31, 2017 - $24,987) from a director of the Company. The amount owed is unsecured, non-interest bearing, and due on demand.

 

(b) As at June 30, 2017, the Company owed $3,753,726 (March 31, 2017 - $3,945,833) to PGG, a company controlled by a shareholder and director of the Company who has a significant influence on the Company’s operations, of which $nil (March 31, 2017 - $25,127) was recorded in accounts payable and accrued liabilities. The amounts owing are unsecured, non-interest bearing, and due on demand. On July 20, 2016, the Company entered into a conversion agreement with the company controlled by a director of the Company, whereby up to $1,000,000 in outstanding amounts may be converted at a rate of $0.70 per share for a one year 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.

 

(c) As at June 30, 2017, the Company owed $204,281 (March 31, 2017 - $200,017) to directors of the Company, of which $14,294 (March 31, 2017 - $10,030) was recorded in accounts payable and accrued liabilities. The amounts owing are unsecured, non-interest bearing, and due on demand.

 

(d) During the three months ended June 30, 2017, the Company incurred $60,000 (2016 – $60,000) in consulting fees to a company controlled by a director of the Company.

 

(e) During the three months ended June 30, 2017, the Company incurred $3,837 (2016 – $57,220) in consulting fees to companies controlled by directors of the Company.