| Related Party Transactions [Text Block] |
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14.
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Related Party Transactions
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For the year ended August 31, 2017, the Company paid/accrued the following:
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August 31 |
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August 31 |
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2017 |
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2016 |
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$ |
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$ |
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Management, consulting and accounting services: |
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C.A.B Financial Services (“CAB”)
(1)
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136,000
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120,000
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M&E Services Ltd. (“M&E”)
(1)
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54,963
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30,794
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Docherty Management Limited (“Docherty Management”)
(1)
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125,394
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117,213
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Company controlled by a director – consulting |
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48,000
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8,000
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BKB Management Ltd. (former CFO) |
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-
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44,767
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Senior Vice President – Executive management consulting |
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-
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18,000
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364,357
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338,431
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(1)
CAB is owned by the CEO of the Company, M&E is owned by the CFO of the Company, appointed June 1
st
2017, and Docherty Management Limited (“Docherty Management”) is owned by the President of the Company.
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Common shares |
Fair value |
Cash |
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Docherty Management (Note 11,16)
(1)
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252,000
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$35,760
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$6,240
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Docherty Management (Note 11,16)
(2)
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210,000
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$61,950
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$11,800
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CAB (Note 11,16)
(2)
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210,000
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$61,950
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$11,800
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(1)
Issued in lieu of issuance of
300,000
common shares, as mutually agreed to between the parties.
(2)
Issued in lieu of issuance of
250,000
common shares, as mutually agreed to between the parties.
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Other transactions with related parties:
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a) On July 25, 2016, the Company entered into a loan agreement with CAB for a principal amount of $50,000. During the year ended August 31, 2017, the Company repaid the full $50,000
principal to CAB and also paid $1,515
in interest.
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b) During the year ended August 31, 2017, the Company sold $5,058
(2016 $NIL) of products to a director and an officer of the company and paid $1,341
in rent to an officer of the company.
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Due to related parties:
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As at August 31, 2017, $42,690
(August 31, 2016 - $331,371) was payable to related parties included in due to related parties.
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The related party transactions are recorded at the exchange amount established and agreed to between the related parties.
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