Quarterly report pursuant to Section 13 or 15(d)

RELATED PARTY TRANSACTIONS AND BALANCES

v3.19.3
RELATED PARTY TRANSACTIONS AND BALANCES
6 Months Ended
Sep. 30, 2019
RELATED PARTY TRANSACTIONS AND BALANCES  
RELATED PARTY TRANSACTIONS AND BALANCES

9.     RELATED PARTY TRANSACTIONS AND BALANCES

(a)  Due from related parties

At September 30, 2019  there was an outstanding loan to the Chief Technology Officer ("CTO") of the Company of $18,932 (March 31, 2019 – $18,585). The loan had an interest rate of 1% until June 30, 2018 and 2% after this date based on the Canada Revenue Agency’s prescribed rate for such advances and is denominated in Canadian dollars. During the six month period ended September 30, 2019, the Company accrued interest receivable in the amount of $236 (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 September 30, 2019, $1,957 (March 31, 2019 – $229,473) was owing to the CEO of the Company; $12,813 (March 31, 2019 – $14,851) was owing to the Chief Technology Officer; $1,845 (March 31, 2019 – $33,387) was owing to the Chief Financial Officer ("CFO"), $Nil (March 31, 2019 - $28,025) was owing to the current and former Chief Commercial Officer ("CCO"), all related to bonuses and business expenses. All bonuses accrued at March 31, 2019 have been paid.