If anything, it's these lenders who want to see the company prosper. 2007-2008 was 4-5 years ago and they are probably as eager to see profits.The last paragraph involved Wellington West's involvment with a large equity financing. From then on, it was mainly debt financing from related parties/insiders. All of this built up to what we see today on the company books and the possibility of a rollback.
Related Party Transactions
During the second quarter of 2008, promissory notes with a face value of $150,000, and 600,000 related common shares, were issued to Belweather Capital Partners Inc. ("Belweather"). Futura board of director members David Beutel and David Campbell are shareholders of Belweather.
During the third quarter of 2008, 2,400,000 equity units, each unit consisting of a common share and a common share purchase warrant, were issued to officers and/or directors of the Company for gross proceeds in the aggregate amount of $120,000. An additional 400,000 equity units were issued to Belweather for gross proceeds of $20,000. These equity units were part of a private placement of 10,400,000 units in total. Belweather acted as an agent in this private placement and received commission in the amount of $26,000.
During the fourth quarter of 2008, the Company received an advance from a director in the amount of $26,500. This advance is non-interest bearing and has no fixed terms of repayment. This advance is included in the accounts payable and accrued liabilities balance.
During the year ended December 31, 2008, the Company received a series of advances from senior management totaling $158,744 (2007 - $14,083) in aggregate. These advances are non-interest bearing and have no fixed terms of repayment. The total amount of management advances outstanding as at December 31, 2008 of $172,827 (2007 - $14,083) is included in the accounts payable and accrued liabilities balance.
During the fourth quarter of 2007, promissory notes with a face value of $350,000, and 1,400,000 related common shares, were issued to Belweather Capital Partners Inc. ("Belweather"). Futura board of director members David Beutel and David Campbell are shareholders of Belweather.
During the fourth quarter of 2007, the Company received a series of advances from senior management totaling $14,083 in aggregate. These advances are non-interest bearing and have no fixed terms of repayment. The amount of the advances is included in the accounts payable and accrued liabilities balance at December 31, 2007.
During the first quarter of 2007, the Company completed a private placement of 51,483,890 equity units at a price of $0.12 per unit, resulting in gross proceeds of $6,178,067. Related parties participated in the equity unit issuance as follows: certain members of senior management acquired 675,000 units, certain board members acquired 703,333 units and Oakwest acquired 4,836,250 units