XML 21 R12.htm IDEA: XBRL DOCUMENT v3.19.2
Note 7: Related Party Transactions and Amounts Due to Related Parties
6 Months Ended
Jun. 30, 2019
Disclosure Text Block [Abstract]  
Note 7: Related Party Transactions

7. Related Party Transactions and Amounts Due to Related Parties

 

At June 30, 2019, and December 31, 2018, the Company had amounts due to related parties of $500,586 and $491,171, respectively. This amount includes $136,100 at June 30, 2019 and December 31, 2018, payable to two former directors and a current director for services rendered during 2007. This amount is to be paid part in cash and part in stock at a future date with the number of common shares determined by the fair value of the shares on the settlement date. The amounts owing bear no interest, are unsecured, and have no fixed terms of repayment.

 

The Company incurred consulting fees of $5,394 (2018 - $4,481) paid to a company controlled by our chief executive officer during the six months ended June 30, 2019.

 

Our former chief executive officer and former director entered into a consulting arrangement on a month to month basis that provided for a monthly fee of CAD$5,000. These amounts have been accrued and are currently unpaid. This consulting arrangement ended on May 24, 2013. As of June 30, 2019, our former chief executive officer was owed $273,004 and $262,705 as of December 31, 2018 which are unsecured non-interest bearing amounts due on demand.

 

Our former chief financial officer and former director had entered into a consulting agreement on a month to month basis that provides for a monthly fee of $2,000. These amounts have been accrued and are currently unpaid. This consulting arrangement ended on June 14, 2013. As of June 30, 2019 and December 31, 2018, our former chief financial officer was owed $58,870 for services rendered as an officer.

 

Our former chief executive officer and former director entered into a debt assignment agreement effective January 1, 2012, with a corporation with a former director in common and thereby assigned $154,928 (CAD$202,759) of unpaid amounts payable.

 

Our former chief executive officer and former director entered into a debt assignment agreement effective January 1, 2012, with an unrelated third party and thereby assigned $53,357 of unpaid amounts payable and $100,000 of unpaid loans.

 

Our former chief executive officer and former director is owed $130,089 for unsecured amounts bearing 6% interest due on demand loaned to the Company as of June 30, 2019, compared to $129,653 as of December 31, 2018. Total interest expense of $74,981 (December 31, 2018 - $70,711) is included in accounts payable and accrued liabilities as at June 30, 2019.

 

Our former chief executive officer and former director entered into a debt assignment agreement effective December 31, 2016, to assume $100,000 in unpaid loans and $83,357 in unpaid amounts payable from a third party.

 

Our other former officers are owed a total of $32,474 for their prior services rendered as officers as at June 30, 2019, compared to $31,153 as of December 31, 2018.