7. RELATED PARTY TRANSACTIONS
While the Company is seeking additional capital, the former officer of the Company advanced the Company funds by making payments on behalf of the Company. As of October 31, 2012 this officer and director was owed $29,062 (July 31, 2012 - $29,062).
As well, as of October 31, 2012, another former officer of the Company has advanced the Company $24,747 by making payments on behalf of the Company (July 31, 2012 - $24,747).
As of October 31, 2012, the current officer of the Company has advanced the Company $200 (July 31, 2012 - $Nil).
All advances are unsecured, non-interest bearing and have no specific terms of repayment.
On August 15, 2012, the Company entered into an Independent Contractor Agreement with the Companys newly appointed Chief Executive Officer and President. The term of this agreement commenced on August 15, 2012 and goes through to August 15, 2013, unless formerly terminated. An initial payment of $7,500 was paid to the new officer for the first 3 months of services.