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RELATED PARTY TRANSACTION is an interaction between two parties, one of whom can exercise control or significant influence over the operating policies of the other. A special relationship may exist, e.g. a corporation and a major shareholder.

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INSOLVENCY occurs when a business is unable to pay debts as they fall due.

CRITICAL ACCOUNTING ESTIMATE is when a company must make assumptions about matters that are "highly uncertain" when the company makes the accounting estimate and either of the following conditions would have a material effect on the company's financial condition, changes in financial condition or results of operations: 1. the company could reasonably have used a different estimate for the current period; or, 2.changes in the estimate are reasonably likely to occur from period to period in the future.

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