v2.4.0.6
7. Related party transactions
 12 Months Ended
Dec. 31, 2012
Related Party Transactions Disclosure [Text Block]
7.     Related party transactions

   
2012
 
2011
Development costs:
       
Services rendered by directors and officers
$
60,000
$
60,000
Interest expense:
       
Promissory notes and lines of credit issued to director and relatives of
directors
 
406,732
 
519,403
Stock options granted to a director and officer
 
5,377,907
 
914,491
Stock options granted to relatives of directors
 
-
 
1,493,702
Selling, general and administration:
       
Compensation to a director and officer
 
189,600
 
189,600
Stock options and share based payments to a director and officer
 
180,402
 
209,898

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).