For the year ended 30 June 2006
22. RELATED PARTY TRANSACTIONS
Transactions between related parties are on normal commercial terms and conditions no more favourable than those available to other parties unless otherwise stated.
On 30 April 2004 the company entered into an office lease agreement with Ileveter Pty Ltd, a company associated with Mr Andrew Kent. The terms of the lease are within normal commercial rates and were reviewed and approved by the independent directors. The amounts paid during the year amounted to $242,000.
During the year, $100,000 was paid to Drysdale Investments pursuant to the convertible note agreement.
During the year, amounts were advanced to and repaid by Ileveter Pty Ltd, a company associated with Mr Andrew Kent. The amount owing by Ileveter at balance date was $15,000.
22. RELATED PARTY TRANSACTIONS
Transactions between related parties are on normal commercial terms and conditions no more favourable than those available to other parties unless otherwise stated.
On 30 April 2004 the company entered into an office lease agreement with Ileveter Pty Ltd, a company associated with Mr Andrew Kent. The terms of the lease are within normal commercial rates and were reviewed and approved by the independent directors. The amounts paid during the year amounted to $242,000.
During the year, $100,000 was paid to Drysdale Investments pursuant to the convertible note agreement.
During the year, amounts were advanced to and repaid by Ileveter Pty Ltd, a company associated with Mr Andrew Kent. The amount owing by Ileveter at balance date was $15,000.