5. Related Party Transactions

9 Months Ended

Oct. 31, 2011

During the nine month period ended October 31, 2011:

	a)	the President of the Company received a monthly management consulting fee of $74,182 (October 31, 2010 - $98,232), of which $49,116 has been recorded as management fees and $49,116 as a research and development;
	b)	a director of the Company received a monthly consulting fee of $108,000 (October 31, 2010 - $Nil) which has been recorded as general and administrative expenses;
	c)	the Company settled debt with a director of the Company in the amount of $23,866 (October 31, 2010 - $Nil) through the issuance of shares of common stock (October 31, 2010 - $Nil).

As at October 31, 2011, $346,570 (January 31, 2011 - $321, 913) was due to related parties and recorded in accounts payable and accrued liabilities and $3,263 (January 31, 2011 - $5,373) is due from a company controlled by a director of the Company (Note 3). As at October 31, 2011, $36,000 (January 31, 2011 - $Nil) was recorded in obligation to issue shares for shares of common stock issuable to a director of the Company for consulting fees (Note 7).

All related party transactions are in the normal course of operations and are measured at the exchange amount, which is the amount of consideration established and agreed to by the related parties. Unless otherwise noted related party amounts are unsecured, bear no interest and have no fixed terms of repayment.

COMPASS BIOTECHNOLOGIES INC. 10-Q