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Note 8: Related Party Transactions and Amounts Due to Related Parties
12 Months Ended
Dec. 31, 2020
Disclosure Text Block [Abstract]  
Note 8: Related Party Transactions

8. Related Party Transactions and Amounts Due to Related Parties

 

At December 31, 2020, and December 31, 2019, the Company had amounts due to related parties of $352,651 and $338,109, respectively. This amount includes $60,000 at December 31, 2020, and at December 31, 2019, respectively, payable to a current director for services rendered during 2007. The $60,000 payable to a current director at December 31, 2020 and December 31, 2019 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 $15,400 (2019 - $8,894) paid to a company controlled by our chief executive officer during the year ended December 31, 2020. The Company incurred directors fees of $1,600 (2019 - $1,600) paid to two non-executive directors during the year ended December 31, 2020.

 

A 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 that was accrued and is unpaid. The consulting arrangement ended on May 24, 2013. As of December 31, 2020, the former chief executive officer was owed $289,164 and $278,109 as of December 31, 2019 which amounts are unsecured, non-interest bearing, and due on demand.

 

A former chief executive officer and director entered into a debt assignment agreement effective January 1, 2012, with a corporation that had a former director in common, and thereby assigned $159,247 (CAD$202,759) of unpaid amounts payable.

 

A former chief executive officer and director is owed $130,677 for unsecured loans bearing 6% interest due on demand as of December 31, 2020, compared to $130,249 as of December 31, 2019. Total interest expense of $87,011 (2019 - $78,962) is included in accounts payable and accrued liabilities as at December 31, 2020.