Note 10 – Related Parties
Notes Payable and Accrued Interest –
Related Parties
During the period ended March 31, 2022, the Company
entered into the following related party transactions:
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It recognized $62,500 in accrued salary for its Chairman and CEO in addition to the Company amortized $108,260 of previous stock compensation granted to its Chairman and CEO that is being amortized over 10 years; |
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A company with a common director advanced the Company $1,400,000 at 10% on September 1, 2021 for which the Company accrued $35,000 in interest for the year and included in accounts payable and accrued liabilities. This note is also described in Note 6. |
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The Company paid its CFO $4,500 in fees during the year. |
During the period ended March 31, 2023, the Company
entered into the following related party transactions:
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· |
It recognized
$145,833
in accrued salary for its Chairman and CEO in
addition to the Company amortized $108,260
of previous stock compensation granted to its
Chairman and CEO that is being amortized over 10 years; |
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· |
The Company paid $30,000 in salary to its President and COO. |
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· |
The Company accrued $3,500 in fees payable to its Corporate Secretary. |
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The Company accrued $4,500 in fees payable to its CFO. |
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A company with a common director advanced the Company $40,736 at 10% on September 1, 2021 for which the Company accrued $140,000 ($35,000 in 2021) in interest for the year and included in accounts payable and accrued liabilities. This note is also described in Note 6. |
In addition, as at March 31, 2023, the Company
owes Officers $179,509 (December 31, 2022 - $179,509) that is included in Accounts payable and accrued liabilities.
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