RELATED PARTY TRANSACTIONS AND BALANCES
|9 Months Ended|
Dec. 31, 2019
|RELATED PARTY TRANSACTIONS AND BALANCES|
|RELATED PARTY TRANSACTIONS AND BALANCES||
9. RELATED PARTY TRANSACTIONS AND BALANCES
(a) Due from related parties
At December 31, 2019, there was an outstanding loan to the Chief Technology Officer (“CTO”) of the Company of $19,394 (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 nine month period ended December 31, 2019, the Company accrued interest receivable in the amount of $273 (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 December 31, 2019, $1,957 (March 31, 2019 – $229,473) was owing to the CEO of the Company; $1,514 (March 31, 2019 – $14,851) was owing to the Chief Technology Officer; $1,670 (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.
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