RELATED PARTY TRANSACTIONS AND BALANCES
|12 Months Ended|
Mar. 31, 2020
|RELATED PARTY TRANSACTIONS AND BALANCES|
|RELATED PARTY TRANSACTIONS AND BALANCES||
9.RELATED PARTY TRANSACTIONS AND BALANCES
a.Due from related parties
An outstanding loan to the Chief Technology Officer (“CTO”) of the Company is for $17,840 (March 31, 2019 - $18,585). The loan had an interest rate of 1% until March 31, 2019 and 2% after based on the Canada Revenue Agency’s prescribed rate for such advances and is denominated in Canadian dollars. During the year ended March 31, 2020, the Company accrued interest receivable in the amount of $472 (March 31, 2019 – $353); the remaining fluctuation in the balance from the prior year is due to changes in foreign exchange.
b.Accounts payable and accrued liabilities
As at March 31, 2020, $30,866 (March 31, 2019 - $229,473) was owing to the CEO of the Company; $9,464 (March 31, 2019 – $14,851) was owing to the Chief Technology Officer; $1,827 (March 31, 2019 - $33,387) was owing to the Chief Financial Officer (“CFO”), $Nil (2019-$28,025) was owing to the Chief Commercial Officer (“CCO”), all related to bonuses and business expenses.
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://fasb.org/us-gaap/role/ref/legacyRef