RELATED PARTY TRANSACTIONS |
9 Months Ended |
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Oct. 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 October 31, 2016 and January 31, 2016 was $170,300 and $125,300, respectively. 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 Company’s 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 October 31, 2016 and January 31, 2016, the Company owed the President $4,571 and $2,672 respectively by way of loans. As of October 31, 2016 and January 31, 2016, the Company repaid the President’s short term advance of $4,264 and $8,540, 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. In this quarter no contracts were accepted and these revenues have ended as anticipated. The Company paid $0 and $17,088 to the related party contractor in respect of the provision of these services during the nine months ended October 31, 2016 and 2015, respectively.
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