Note 13 - Related Parties

12 Months Ended

Dec. 31, 2024

Notes to Financial Statements

Related Party Transactions Disclosure [Text Block]

13. RELATED PARTIES  

Related parties include the Board of Directors, officers, close family members and enterprises that are controlled by these individuals as well as certain persons performing similar functions.

The Company defines its key management as the Board of Directors, Chief Executive Officer, President, and Chief Financial Officer. Remuneration of directors and key management personnel of the Company was as follows:

	Years ended December 31,
	2024		2023
Consulting	$	90,000	$	148,500
Selling general and administrative		63,546		94,356
Share-based compensation to directors and officers		-		1,442
	$	153,546	$	244,298

The Company for the years ended December 31, 2024 and 2023 reimbursed a related party $63,546 and $94,356, respectively, for selling, general and administrative expenses paid on behalf of the Company. The Company incurred $90,000 (2023 - $148,500) of consulting fees accrued to a company controlled by a director of the Company for the years ended December 31, 2024 and 2023.

The Company also recorded share-based compensation of $Nil (2023 - $1,442) for options vested to related parties during the years ended December 31, 2024 and 2023.