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Related Party Transactions and Amounts Due to Related Parties
6 Months Ended
Jun. 30, 2021
Related Party Transactions [Abstract]  
Related Party Transactions and Amounts Due to Related Parties

7. Related Party Transactions and Amounts Due to Related Parties

 

At June 30, 2021, and December 31, 2020, the Company had amounts due to related parties of $158,348 and $352,651, respectively. This amount includes $60,000 at June 30, 2021, and December 31, 2020, payable to a current director for services rendered during 2007. This amount is to be paid in stock at a future date. A former chief executive and director was owed $89,304 at June 30, 2021, and $289,164 at December 31, 2020. A company controlled by our chief executive officer was owed $9,044 at June 30, 2021, and $3,488 at December 31, 2020. The amounts owing bear no interest, are unsecured, and have no fixed terms of repayment.

 

The Company incurred consulting fees of $15,163 (2020 - $10,069) paid to a company controlled by our chief executive officer during the six months ended June 30, 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 June 30, 2021, and December 31, 2020, our former chief executive officer was owed $89,304 and $289,164, respectively. The amounts due are unsecured and non-interest bearing, due on demand.

 

A former chief executive officer and director had assigned to a related corporation unpaid amounts of $163,586 (CAD $202,759) as per a debt assignment agreement effective January 1, 2012. This amount was removed from the Company’s liabilities as per a debt forgiveness agreement effective June 30, 2021 (Note 9). An additional $206,302 that was due to a former chief executive officer and director was also removed from the Company’s liabilities as per a second debt forgiveness agreement effective June 30, 2021 (Note 9).

 

A former chief executive officer and director is owed $131,268 for unsecured loans bearing 6% interest due on demand as of June 30, 2021, compared to $130,677 as of December 31, 2020. Total interest expense of $89,304 (2020 - $80,013) is included in accounts payable and accrued liabilities as at June 30, 2021.