RELATED PARTY TRANSACTIONS AND BALANCES
|3 Months Ended|
Jun. 30, 2017
|Related Party Transactions [Abstract]|
|Related Party Transactions Disclosure [Text Block]||
As of June 30, 2017 there was an outstanding loan to the Chief Technology Officer and director of the Company for $19,366 (March 31, 2017 - $18,731). The loan has an interest rate of 1% based on the Canada Revenue Agency’s prescribed rate for such advances and is denominated in Canadian dollars. During the period ended June 30, 2017, the Company accrued interest receivable in the amount of $635 (March 31, 2017 - $707) the remaining fluctuation in the balance from the prior year is due to changes in foreign exchange.
As at June 30, 2017, $8,882 (June 30, 2016 - $1,118) was owing to the CEO of the Company; $23,565 (June 30, 2016 - $16,941) was owing to the Chief Technology Officer; and, $1,946 (June 30, 2016 $Nil was owing to the Chief Financial Officer, and $Nil was owing to the Chief Commercial Officer, all related to business expenses, all of which are included in accounts payable or accrued liabilities.
In connection with the acquisition of IMT, the Company acquired a license agreement dated June 8, 2009, pursuant to which the Company pays the licensors an aggregate royalty of 1% of sales based on patent #8,613,6391. No sales were made as the technology under this patent has not been commercialized. One of the licensors is a founder of IMT and a former officer and director of the Company.
As at June 30, 2017, $120,000 (June 30, 2016 - $120,000) in principal amount is payable to a former officer and director, which with accrued interest are due and payable the earlier of December 31, 2017 and the date the Company raises new capital exceeding $15 million cash (Note 7). In addition, the Company paid an aggregate of approximately $33,000 in principal and interest on demand loans in favor of the directors’ spouse at or about the effective date of the acquisition of IMT.
As at the effective date of the merger pursuant to the Merger Agreement, a former officer and director received an aggregate of 5,190,376 shares of the Company in return for his ownership of IMT securities, in addition to his IMT options which were as of the effective date of the merger exercisable for an aggregate of 360,231 shares of common stock of the Company.
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