Quarterly report pursuant to Section 13 or 15(d)

Related Party Transactions

v3.6.0.2
Related Party Transactions
6 Months Ended
Dec. 31, 2016
Related Party Transactions [Abstract]  
Related party transactions
4 Related party transactions

 

Pursuant to consulting agreements with the Company’s officers the Company recognized a total of $275,000 (2015 - $120,000) for the three months ended December 31, 2016 and $395,000 (2015 - $240,000) in expenses for the six months ended December 31, 2016. Amounts owed to related parties are non-interest bearing and payable on demand.

 

The Company incurred $37,000 (2015 – $43,250) in directors’ fees during the three months ended December 31, 2016 and $82,000 (2015 – $85,000) in directors’ fees during the six months ended December 31, 2016.

 

As part of the Series B preferred stock dividend (note 6) the Company issued 1,511 (2015 – 0) shares of common stock to officers and directors of the Company and recognized $4,819 (2015 - 0) as a direct increase to deficit for the three months ended December 31, 2016. For the six months ended December 31, 2016, the Company issued 3,022 (2015 – 0) shares of common stock and recognized $13,960 (2015 – 0) as a direct increase to the deficit in relation to the Series B preferred stock dividend.

 

The Company recorded $2,089 (2015 - $2,089) in dividends related to the Series A preferred stock issued to Valent for the three months ended December 31, 2016 and $4,178 (2015 - $4,178) for the six months ended December 31, 2016 (note 3).