Related Party Transactions
|12 Months Ended|
Jun. 30, 2017
|Related Party Transactions [Abstract]|
|Related party transactions||
Pursuant to employment and consulting agreements with the Company’s officers the Company recognized a total of $856,250 (2016 – $480,000) in compensation expense for the year ended June 30, 2017. Amounts owed to related parties are non-interest bearing and payable on demand.
The Company recognized $169,500 (2016 – $167,083) in directors’ fees during the year ended June 30, 2017. In addition, during the year ended June 30, 2016, upon the resignation of one of the Company’s directors, the Company and the director entered into a lock-up agreement limiting the director’s ability to sell shares. The Company paid $45,000 in consideration pursuant to the lock up agreement.
As part of the Series B preferred stock dividend (note 5) the Company issued 6,044 (2016 – 1,028) shares of common stock to officers and directors of the Company and recognized $23,767 (2016 – $3,278) as a direct increase to the accumulated deficit.
The Company recorded $8,356 (2016 – $8,356) in dividends related to the Series A preferred stock issued to Valent (note 3) for the year ended June 30, 2017.
During the year ended June 30, 2017 Valent (note 5) exercised 125,000 (2016 – 0) common stock purchase warrants at $1.54 per share (CA $2.00) for total proceeds of $192,075 (2016 – 0).
During the year ended June 30, 2017 the Company granted 224,600 (2016 – 0) 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 (note 5).
The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.
Reference 1: http://www.xbrl.org/2003/role/presentationRef