Quarterly report pursuant to Section 13 or 15(d)

Related Party Transactions

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Related Party Transactions
9 Months Ended
Mar. 31, 2017
Related Party Transactions [Abstract]  
Related party transactions
4 Related party transactions

 

Pursuant to employment and consulting agreements with the Company’s officers the Company recognized a total of $162,500 (2016 - $120,000) for the three months ended March 31, 2017 and $557,500 (2016 - $360,000) in expenses for the nine months ended March 31, 2017. Amounts owed to related parties are non-interest bearing and payable on demand.

 

The Company incurred $44,500 (2016 – $42,583) in directors’ fees during the three months ended March 31, 2017 and $126,500 (2016 – $127,583) in directors’ fees during the nine months ended March 31, 2017.

 

As part of the Series B preferred stock dividend (note 6) the Company issued 1,511 (2016 – 0) shares of common stock to officers and directors of the Company and recognized $6,346 (2016 - 0) as a direct increase to deficit for the three months ended March 31, 2017. For the nine months ended March 31, 2017, the Company issued 4,533 (2016 – 0) shares of common stock and recognized $20,306 (2016 – 0) as a direct increase to the deficit in relation to the Series B preferred stock dividend.

 

The Company recorded $2,089 (2016 - $2,089) in dividends related to the Series A preferred stock issued to Valent (note 6) for the three months ended March 31, 2017 and $6,267 (2016 - $6,267) for the nine months ended March 31, 2017 (note 3).

 

During the three and nine months ended March 31, 2017 Valent (note 3) exercised 125,000 common stock purchase warrants at $1.54 per share (CDN $2.00) for total proceeds of $192,075.

 

During the three and nine months ended March 31, 2017 the Company issued 224,600 (2016 – nil) stock options to officers of the Company at an exercise price of $4.95. The stock options vest pro rata on a monthly basis over 36 months and expire on February 17, 2027.