Gentor Resources, Inc. - FORM 10-Q/A - XML - IDEA: XBRL DOCUMENT - October 19, 2011

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v2.3.0.15
Related Party Disclosures
3 Months Ended
Jun. 30, 2011
Related Party Disclosures 
Related Party Transactions Disclosure [Text Block]

8.         RELATED PARTY TRANSACTIONS

 

As of June 30, 2011, a balance of $194,969 advanced to the Company from a former director and officer of the Company was outstanding (December 31, 2010 - $194,969).  This advance is unsecured, non-interest bearing and re-payable upon demand.

 

In June 2009, an amount of $79,675 was advanced by two directors of the Company and used to repay accounts payable owed by the Company.  As of June 30, 2011, $4,686 is still owing (December 31, 2010 - $4,686).  These advances are unsecured, non-interest bearing and re-payable upon demand.

 

As of June 30, 2011, an amount of $5,458 (December 31, 2010 - $9,923) was due to a corporation of which, a director and officer of the Company is a partner.  During the six months ended June 30, 2011, the Company reimbursed to this corporation travel and other office expenses incurred on behalf of this director and officer of the Company in the amount of $14,977 (six months ended June 30, 2010 - $124,718).

 

As of June 30, 2011, no interest was owed to two directors of the Company (December 31, 2010 - $1,772) relating to the $193,771 previously advanced to the Company for working capital purposes during the first quarter of 2010.  The principal amount of this advance was repaid during the fourth quarter of 2010.

 

All transactions are in the normal course of operations and are measured at the exchange value.

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