Thursday, February 05, 2015 8:36:03 PM
4.
Related Party Transactions
(a)
During the six months ended November 30, 2014, the Company incurred consulting fees of $16,082 (2013 - $17,294) to the President of the Company.
(b)
During the six months ended November 30, 2014, the Company incurred consulting fees of $57,338 (2013 - $57,646) and rent of $5,734 (2013 - $5,765) to a company controlled by the brother of the President of the Company which is included in general and administrative expenses.
(c)
As at November 30, 2014, the Company owed $47,862 (Cdn$54,756) (May 31, 2014 - $35,468 (Cdn$38,456)) to the President of the Company which is non-interest bearing, unsecured, and due on demand.
(d)
As at November 30, 2014, the Company owes $17,482 (Cdn$20,000) (May 31, 2014 - $18,446 (Cdn$20,000)) for cash advances received from a company controlled by the brother of the President of the Company, which is non-interest bearing, unsecured, and due on demand. As at November 30, 2014, included in accounts payable are the amounts of $97,268 (Cdn$111,278) (May 31, 2014 - $59,819 (Cdn$64,858)) owing to this company.
(e)
As at November 30, 2014, included in accounts payable is the amount of $661 (Cdn$756) (May 31, 2014 - $24 (Cdn$26) owed to) owed from the brother of the President of the Company, which is non-interest bearing, unsecured and due on demand.
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