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v2.4.0.6
Related Party Transactions
6 Months Ended
Sep. 30, 2012
Related Party Transactions [Abstract]  
Related Party Transactions
5.   Related Party Transactions

 

(a)   Due to related parties as at June 30, 2012 includes the following:
     

 

(i)   $242,405 (March 31, 2012 - $225,955) due to a company controlled by a shareholder of the Company.
     

 

(ii)   $7,851 (March 31, 2012 - $7,851) due to a company controlled by a shareholder of the Company for payment of legal services made on behalf of the Company.
     

 

(iii)   $2,988 (March 31, 2012 - $2,988) due to directors of the Company for advances made to the Company.
     

 

(b)   The Company entered into an agreement with a company controlled by a former director and major shareholder of the Company for the facilitation of its business and technology development dated August 15, 2006, as amended May 8, 2009. The agreement requires the Company to pay a monthly fee of $1,500 for services provided by the related party and to reimburse the related party for expenses incurred on its behalf. The monthly fee can be waived at the discretion of the related company. The Company incurred charges of $nil (year ended March 31, 2012 - $nil; period from August 15, 2006 to June 30, 2012 - $63,728) for the three months ended June 30, 2012 pursuant to this agreement, which has been expensed as consulting and development fees.

  

(c)   In addition, for the period ended June 30, 2012, the Company was charged fees of $5,000 (three months ended June 30, 2011 - $5,000; period from August 15, 2006 to June 30, 2012 - $53,600) by the related company for administrative costs related to the Company’s filing of its regulatory documents.
     

 

(d)   The Company advanced $60,072 (2011 - nil) to a privately-held company controlled by a former director (major shareholder) of the Company for the facilitation of an agreement between the Company and the related entity.

 

Related party transactions are recorded at the exchange amount, representing the amount agreed upon by the parties, are non-interest-bearing and have no specific terms of repayment.