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Note 7: Related Party Transactions and Amounts Due to Related Parties
3 Months Ended
Mar. 31, 2021
Disclosure Text Block [Abstract]  
Note 7: Related Party Transactions and Amounts Due to Related Parties

7. Related Party Transactions and Amounts Due to Related Parties

 

At March 31, 2021, and December 31, 2020, the Company had amounts due to related parties of $357,983 and $352,651, respectively. This amount includes $60,000 at March 31, 2021, and December 31, 2020, payable to 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 $4,569 (March 21, 2020 - $6,913) paid to a company controlled by our chief executive officer during the three months ended March 31, 2021.

 

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 and are unpaid through the termination date on May 24, 2013. As of March 31, 2021, and December 31, 2020, our former chief executive officer was owed $293,176 and $289,164, respectively. The amounts due are unsecured and non-interest bearing, due on demand.

 

A former chief executive officer and director assigned to a related corporation unpaid amounts of $161,234 (CAD $202,759) as of March 31, 2021 as per a debt assignment agreement effective January 1, 2012.

 

A former chief executive officer and director is owed for unsecured amounts bearing 6% interest due on demand along with corresponding accrued interest payable that remains outstanding as of March 31, 2021 and December 31, 2020 as indicated below.

 

A former chief executive officer and director is owed $130,948 for unsecured loans bearing 6% interest due on demand as of March 31, 2021, compared to $130,677 as of December 31, 2020. Total interest expense of $89,124 (2020 - $80,013) is included in accounts payable and accrued liabilities as at March 31, 2021.