NOTE 9 - RELATED PARTY TRANSACTIONS

9 Months Ended

Nov. 30, 2015

NOTE 9 – RELATED PARTY TRANSACTIONS

The Company incurred the following items with directors and companies with common directors and shareholders:

	November 30,
	2015		2014
Interest expense	$	26,375	$	26,375

As of November 30, 2015, included in accounts payable – related party is $33,495 (February 28, 2015: $33,495) owing to an accounting firm in which a director of the Company is a partner and $2,389 (February 28, 2015: $2,389) to a shareholder with respect to unpaid fees and interest on promissory notes, $480,000 (February 28, 2015: $480,000) owing to shareholders of the Company in respect of royalties payable with no interest accruing, and $53,694 (February 28, 2015: $53,694) owing to the former president of the Company in respect of unpaid wages.

As of November 30, 2015, included in advances payable is $nil (February 28, 2015: $103,521) owed to a company controlled by a director.

As of November 30, 2015, promissory notes payable of $439,590 (February 28, 2015: $439,590 is due to a profit-sharing and retirement plan administered by a director of the Company. Terms are:

Date Due:	Amount
April, 2016		15,000
October, 2016		12,500
November, 2016		27,500
December, 2016		168,218
December, 2016		216,372
Total	$	439,590

All bear interest at 12% per annum.

As of November 30, 2015, promissory note payable of $68,687 (February 28, 2015: $86,259) is personally guaranteed by a related party of the director of the company.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References + Details

SENSE TECHNOLOGIES INC 10-Q