On4 Communications Inc (ONCI)

[Wisebuys]

I'm not convinced look at the 10-Q:


4.
Related Party Transactions


(a)
As at January 31, 2013, the Company owed $27,239 (October 31, 2012 - $31,200) to the former Chief Financial Officer of the Company. The amounts owing are unsecured, non-interest bearing, and due on demand.


(b)
As at January 31, 2013, the Company owed $2,181 (October 31, 2012 - $2,329) to the Chief Executive Officer of the Company. The amounts owing are unsecured, non-interest bearing, and due on demand.


(c)
As at January 31, 2013, the Company owed $205,338 (October 31, 2012 - $205,338) to the former Chief Executive Officer of the Company. The amounts owing are unsecured, non-interest bearing, and due on demand.


(d)
As at January 31, 2013, the Company owed $2,899 (October 31, 2012 - $Nil) to the Chief Operating Officer of the Company. The amounts owing are unsecured, non-interest bearing, and due on demand.


(e)
During the three months ended January 31, 2012, the Company incurred $nil (2012 - $10,949) of management fees to the former Chief Financial Officer of the Company.


(f)
During the three months ended January 31, 2013, the Company incurred $4,028 (2012 - $Nil) of management fees to the Chief Operating Officer of the Company.


(g)
During the three months ended January 31, 2013, the Company incurred $11,582 (2012 - $Nil) of management fees to the Chief Executive Officer of the Company.


5.
Notes Payable


January 31, October 31,
2013 2012
$ $

Kestrel Gold Inc., unsecured, due interest at prime plus 2% per annum, and due on demand. 25,068 25,025

Scottsdale Investment Corporation, unsecured, due interest at 12% per annum, and due on demand. 319,980 319,980
Gordon Jessop, unsecured, due interest at 5% per annum, and due on demand 46,365 86,365
391,413 431,370