Quarterly report pursuant to Section 13 or 15(d)

Related Party Transactions

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Related Party Transactions
3 Months Ended
Sep. 30, 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 $142,500 (2016 - $120,000) in expenses for the three months ended September 30, 2017. Amounts owed to related parties are non-interest bearing and payable on demand.

 

The Company recognized $52,500 (2016 – $45,000) in directors’ fees during the three months ended September 30, 2017.

 

As part of the Series B preferred stock dividend (note 6) the Company issued 1,511 (2016 – 1,511) shares of common stock to officers and directors of the Company and recognized $1,269 (2016 - $9,142) as a direct increase to accumulated deficit for the three months ended September 30, 2017.

 

The Company recorded $2,089 (2016 - $2,089) in dividends related to the Series A preferred stock issued to Valent (note 3) for the three months ended September 30, 2017.

 

During the three months ended September 30, 2017, the Company granted a total of 180,000 stock options to the Company’s independent directors. The stock options are exercisable at a price of $2.11 and have a term of 10 years. One-third of the options vest on June 30, 2018 and 15,000 options vest on a quarterly basis thereafter commencing September 30, 2018.