v2.3.0.15
7. Related Party Transactions
3 Months Ended
Sep. 30, 2011
Related Party Transactions Disclosure [Text Block]
7.         Related Party Transactions

Related party transactions included the following:

   
Three months ended
September 30, 2011
 
Three months ended
September 30, 2010
 
Nine months ended
September 30, 2011
 
Nine months ended
September 30, 2010
Development costs:
               
Services rendered by
directors and officers
$
15,000
$
15,000
$
45,000
$
45,000
                 
Interest expense:
               
Promissory notes issued to
relatives of directors
 
78,619
 
76,847
 
235,857
 
239,193
Lines of credit to directors and relatives of directors
 
62,370
 
16,771
 
132,054
 
22,758
Stock options granted to
relatives of directors
 
141,178
 
87,255
 
2,114,645
 
496,767
                 
Selling, general and
administration:
               
Compensation to directors
and officers
 
47,400
 
47,400
 
352,088
 
142,200

Except as discussed in the next paragraph, all transactions with related parties were incurred in the normal course of operations and measured at the exchange amount, which is the amount of consideration established and agreed upon by the transacting parties.

Interest on promissory notes payable to related parties, management compensation and compensation paid to a relative of a director have been recorded at the exchange amount, which is the amount agreed to by the parties. Options granted to related parties have been recorded at their estimated fair value as disclosed note 3(c).