Related Party Transactions |
3 Months Ended | ||
|---|---|---|---|
Mar. 31, 2026 | |||
| Related Party Transactions [Abstract] | |||
| Related Party Transactions |
Key Management Compensation
Key management personnel are persons responsible for planning, directing, and controlling activities of an entity, and include executive and non-executive persons. During the three months ended March 31, 2026 and the three months ended March 31, 2025, the Company recognized approximately $ and $, respectively, in compensation and stock-based compensation provided to key management.
Related Party Transactions
As of March 31, 2026, the Company had related party payables of $1,423,902 (December 31, 2025 - $1,916,770). During the three months ended March 31, 2026 and the year ended December 31, 2025, the Company repaid $492,868 and $396,000, respectively, comprising $350,000 in notes payable repayments and $142,868 in net reduction of related party trade payables.
As of March 31, 2026 and December 31, 2025, the Company had accrued approximately $0 and $396,000, respectively, of expenses to a farming company that is owned by a member of management and shareholder with approximately $275,000 and $390,000, respectively, unpaid as of period end.
On November 2, 2021, the Company acquired 100% of the outstanding membership interests of Anderson Development SB, LLC (“ADSB”) from third parties and a controlling interest holding related party in exchange for approximately $1,440,000 plus up to an additional $2,400,000 of consideration (the “Contingent Consideration”) (collectively, the “Consideration”). The Consideration is payable in common stock. See Note 14 – Contingent Consideration and Consideration Payable for further information.
In December 2025, Micah Anderson, a director and officer of the Company, converted $337,400 of accrued liabilities and interest and $644,679.93 of outstanding notes payable into common shares of the Company at a conversion price of CAD$ per share. The conversion was completed on the same terms as the Company’s broader convertible debenture conversion transaction completed in December 2025. The terms of this conversion were established at the time the notes payable were originally issued and were not modified in connection with Mr. Anderson’s conversion. This transaction was reviewed and approved by the disinterested members of the Board of Directors.
During the year ended December 31, 2025, the Company entered into a note payable with a principal balance of $350,000 with annual interest of 0% that matures January 6th, 2026. This note was repaid in full on January 6th, 2026. The Company also entered into notes payable totalling $994,680, including cash received of $749,630 and the exchange of accrued liabilities and other related party payables totaling $245,050, with annual interest of 0% and no stated maturity. During the year ended December 31, 2025, the Company made payments against these notes of $396,000. |