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Note 7: Related Party Transactions and Amounts Due to Related Parties
9 Months Ended
Sep. 30, 2020
Disclosure Text Block [Abstract]  
Note 7: Related Party Transactions

7. Related Party Transactions and Amounts Due to Related Parties

 

At September 30, 2020, and December 31, 2019, the Company had amounts due to related parties of $343,032 and $338,109, respectively. This amount includes $60,000 at September 30, 2020, and December 31, 2019, payable to a current director for services rendered during 2007. The amounts owing bear no interest, are unsecured with no fixed terms of repayment, and are due on demand.

 

The Company incurred consulting fees of $11,888 (2019 - $7,144) paid to a company controlled by our chief executive officer during the nine months ended September 30, 2020. As at September 30, 2020, the Company owed our chief executive officer $3,275.

 

A former chief executive officer and director entered into a consulting arrangement that provided for a monthly fee of CAD $5,000, which amounts were accrued through the termination date on May 24, 2013. As of September 30, 2020, and December 31, 2019, our former chief executive officer was owed $279,757 and $278,109, respectively. The amounts owing bear no interest, are unsecured with no fixed terms of repayment, and are due on demand.

 

A former chief executive officer and director assigned unpaid amounts due as of September 30, 2020, and December 31, 2019, of $152,008 and $156,104 respectively, to a related corporation, as provided in a debt assignment agreement dated effective January 1, 2012.

 

A former chief executive officer and director is owed $129,692 (includes accrued interest of $84,526) and $130,249 (includes interest of $78,962) as of September 30, 2020 and December 31, 2019, respectively for unpaid amounts bearing 6% interest, on unsecured amounts with no fixed terms of repayment, that are due on demand.