RELATED PARTY TRANSACTIONS |
12 Months Ended |
|---|---|
Jan. 31, 2017 | |
| 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 CEO and President on an ongoing basis. Accrued officer compensation as of January 31, 2017 and 2016 was $170,300 and $125,300, respectively. During the year ended January 31, 2017, the President elected to convert $15,000 of the accrual into 15,000,000 shares of the Companys common stock valued at $57,000, thereby recognizing a loss on conversion of accrued salary of $42,000. As resolved, the accrued compensation will only be paid after January 1, 2018 as and when the directors decide the Company has sufficient liquidity to pay some, or all, of the amounts accrued in cash or by issuing shares. The President of the Company can also consider submitting a request to the Board of Directors for permission to convert some, or all, of her accrued compensation into shares of the Companys common stock on payments due above of $170,300, but only after January 1, 2018. The share price considerations will be either the publicly quoted share price, when such a publicly quoted price is available; or equal to or above the last cash price the Company recorded for the sale of its common shares to third parties.
As of January 31, 2017 and 2016, the Company owed the President $4,465 and $2,672, respectively by way of loans. During the years ending January 31, 2017 and 2016, the Company repaid the Presidents short term advance of $5,014 and $7,953, respectively. The loans are unsecured, due on demand and interest free.
The Company provided 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. The Company paid $0 and $17,855 to the related party contractor in respect of the provision of these services during the year ended January 31, 2017 and 2016, respectively. |