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Media Central Corp. FBOP

Media Central Corporation Inc. is an independent and alternative media company situated to acquire and develop high-quality publishing assets, starting with the recent launch of CannCentral.com, a robust news, lifestyle and community cannabis platform curated for the human experience. Our strategic corporate team is composed of publishing, technology and capital markets professionals who are poised to deliver high-quality content, strategy and substantive value across a number of platforms.


GREY:FBOP - Post by User

Comment by freedom45on May 03, 2019 6:57pm
100 Views
Post# 29709474

RE:Take the time

RE:Take the timeTRANSACTIONS WITH RELATED PARTIES Related parties include the Board of Directors, Officers of the Company and enterprises that are controlled by these individuals as well as certain persons performing similar functions. The transactions with related parties were in the normal course of operations and were measured at fair value. Related party transactions not disclosed elsewhere in these consolidated statements are as follows: (a) As at December 31, 2018, $4 (December 31, 2017 - $4) is owing to a law firm in which a director, Jay Vieira, is a former partner. (b) IncludedinaccountspayableandaccruedliabilitiesasatDecember31,2018is$2l(December31,2017-$21)owingto the CEO and a company controlled by the CEO. (c) As at December 31, 2018, $nil (December 31, 2017, $20) is owing to other officers of the Company. (d) IncludedintheconsolidatedstatementsoflossandcomprehensivelossfortheyearendedDecember31,2018is$165 (2017 - $165) paid to a company controlled by the CEO for services rendered by the CEO (Note 16). (e) DuringtheyearendedDecember31,2017,theCompanygranted5,500optionstodirectorsandofficersoftheCompany at an exercise price of $0.10 per share expiring on January 30, 2022. Included in the statements of loss and comprehensive loss for the year ended December 31, 2018 is stock-based compensation expense of $43 (2017 - $120) relating to options granted to related parties (Note 12(c)). (f) During the year ended December 31, 2018, the Company signed promissory notes secured against the assets of the Company and received $638 (2017 - $nil) from a company controlled by a director of the Company. Of this amount, $453 have been repaid with interest. The remaining loans of $185 and the accrued interest of $6 are due on demand and bear interest at 10% per annum. Total interest of $11 related to the notes is disclosed as finance costs in the consolidated statements of loss and comprehensive loss for the year ended December 31, 2018 (2017 - $nil). (g) Included in accounts payable and accrued liabilities as at December 31, 2018 is $31 (2017 - $nil) for legal fees and disbursements owing to a law firm (McMillan) in which an officer of STC, Robbie Grossman, was a former partner. (h) Included in accounts payable and accrued liabilities as at December 31, 2018 is $43 (2017 - $nil) for legal fees and disbursements owing to a law firm (Garfinkle Biderman LLP) of which an officer of STC, Robbie Grossman, was a former partner. (i) At December 31, 2018, $511 (December 31, 2017 - $nil) has been included in accounts payable and accrued liabilities for unpaid remuneration of STCs former Chief Executive Officer and director, Allen Lone. Allen Lone is the CEO of the Company. (j) At December 31, 2018 $4 (2017 - $nil) is included in accounts payable and accrued liabilities to an officer and director of STC. (k) AtDecember31,2018$2(2017-$nil)hasbeenincludedinaccountspayableandaccruedliabilitiesforAlanMyersand Associates, an accounting firm in which Alan Myers, the CFO of STC, is a partner, for taxation services provided. (l) Included in advances are promissory notes outstanding at December 31, 2018 of $335 (2017 - $nil), from related parties (former directors and a company controlled by a former officer of STC) and secured against the assets of STC and due on demand. The loans bear interest at 10% to 12% per annum and are secured against the assets of STC (Note 8).
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