RELATED PARTY TRANSACTIONS

9 Months Ended

Sep. 30, 2022

RELATED PARTY TRANSACTIONS

12. RELATED PARTY TRANSACTIONS

NOTE 12 – RELATED PARTY TRANSACTIONS

The Company compensates directors for their contributions to the management of the Company.

During the three months ended September 30, 2022 and September 30, 2021, the Company expensed $31,250 and $28,125, respectively, in directors’ fees.

During the nine months ended September 30, 2022 and September 30, 2021, the Company expensed $106,250 and $84,375, respectively in directors’ fees.

At September 30, 2022 and December 31, 2022, accrued fees due to directors was $93,750 and $112,500, respectively, which are included in “accrued liabilities – directors and related parties” on the Company’s condensed consolidated balance sheets

During the three and nine months ended September 30, 2022, the Company paid accrued directors fees of $62,500 in cash and $62,501 in common stock (Note 13).