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4. RELATED PARTY TRANSACTIONS
9 Months Ended
Oct. 31, 2017
Notes  
4. 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, 2017 and January 31, 2017 was $215,300 and $170,300 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. 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, 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, 2017 and January 31, 2017, the Company owed the President $4,560 and $4,465 respectively by way of loans. The loans are unsecured, due on demand and interest free.