RELATED PARTY TRANSACTIONS |
6 Months Ended |
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Jul. 31, 2016 | |
| RELATED PARTY TRANSACTIONS | |
| RELATED PARTY TRANSACTIONS | 4. RELATED PARTY TRANSACTIONS
Effective November 1, 2013, the Company began to accrue a monthly salary of $5,000 per month for the President on an ongoing basis. Accrued officer compensation as of July 31, 2016 and January 31, 2016 was $155,300 and $125,300 respectively. The accrued compensation will only be paid as and when the directors decide the Company has sufficient liquidity to pay some, or all, of the amounts accrued. The President of the Company can elect at any time to convert some, or all, of her accrued compensation into shares of the Company’s common stock at the market price at the date of conversion. Market price will be either the publicly quoted share price, when such a publicly quoted price becomes available, or the last cash price the Company received for the sale of its common shares. The President has deferred her decision until January 15, 2017 and will be provided to the Board of Directors before our financial year end.
As of July 31, 2016 and January 31, 2016, the Company owed the President $3,168 and $2,672 respectively by way of loans. As of July 31, 2016 and January 31, 2016, the Company repaid the President’s short term advance of $3,655 and $8,540 respectively. The loans are unsecured, due on demand and interest free.
During the twelve months ended January 31, 2015, the Company commenced providing consulting, technical writing and computer assisted design services to other startups provided by a contractor, a related person (family member to the Chief Executive Officer) to generate certain additional revenues. In this quarter no contracts were accepted and these revenues ended as anticipated. The Company paid $0 and $13,365 to the related party contractor in respect of the provision of these services during the six months ended July 31, 2016 and 2015, respectively.
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