Using COU as their own little piggy bank and not even disclosing the culprits:
TRANSACTIONS WITH RELATED PARTIES
During the period ended June 30, 2010, the Company incurred the following charges with related parties that include officers, directors or companies with common directors of the Company as follows:
a) Paid or accrued management fees of $45,000 (2009 - $33,825) to a company controlled by a director of the Company.
b) Paid or accrued rent of $11,020 (2009- $16,500) to a company with common directors.
c) Paid or accrued accounting fees of $22,500 (2009 - $nil) to an officer of the Company.
As at June 30, 2010, $3,070 (2009 - $16,500) due to related parties remains outstanding, which consist of general and administrative expenses. The amounts are non-interest bearing, with no fixed terms of repayment.
As at June 30, 2010, the Company also had advances of $13,200 (2009 - $5,000) due from a director.
without prejudice