Quarterly report pursuant to Section 13 or 15(d)

Related Party Transactions

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Related Party Transactions
9 Months Ended
Dec. 31, 2019
Related Party Transactions [Abstract]  
Related Party Transactions
13. Related Party Transactions

 

(a) As at December 31, 2019, the Company was owed $nil (March 31, 2019 – $36,800) from companies controlled by a director and officer of the Company. The amounts owing are unsecured, non-interest bearing, and due on demand.

 

(b) As at December 31, 2019, the Company owed $1,424 (March 31, 2019 – $80,205) to directors of the Company. The amounts owing are unsecured, non-interest bearing, and due on demand.

 

(c) During the three and nine months ended December 31, 2019, the Company incurred $489,766 (December 31, 2018 – $60,000) and $1,347,652 (December 31, 2018 - $204,500), respectively, in management consulting fees to companies controlled by a director and officer of the Company.

 

(d) During the three and nine months ended December 31, 2019, the Company incurred $60,000 (December 31, 2018 – $60,000) and $180,000 (December 31, 2018 - $180,000), respectively, in management consulting fees to a company controlled by a director of the Company.

 

(e) During the three and nine months ended December 31, 2019, the Company incurred $11,942 (December 31, 2018 – $4,050) and $21,479 (December 31, 2018 - $7,800), respectively, in management consulting fees to a company controlled by a director of the Company.

 

(f) During the three and nine months ended December 31, 2019, the Company incurred $nil (December 31, 2018 - $nil) and $35,000 (December 31, 2018 - $nil), respectively, in consulting fees to a director of the Company

 

(g) On November 10, 2019, the Company entered into a warrant settlement agreement with a significant shareholder. Per the terms of the agreement, the significant shareholder agreed to the settlement of 1,000,000 share purchase warrants, exercisable at $1.00 per share, due to expire on November 23, 2019, for cash consideration totaling $750,000.

 

(h) On July 2, 2019, the Company entered into a settlement arrangement with a company that is an affiliated shareholder and controlled by a director and officer. The Company was notified that the affiliated shareholder profited from the purchase and sale of the Company's common stock within a six month period, in violation of Section 16(b) of the Securities Exchange Act of 1934. The affiliated shareholder disgorged the full amount of profit realized paying the Company approximately $135,454, in exchange for the forbearance of legal action by the Company. See note 2(c).

 

Transactions with related parties have been recorded at the exchange value.