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Related Party Transactions and Amounts Due to Related Parties
9 Months Ended
Sep. 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 September 30, 2021, and December 31, 2020, the Company had amounts due to related parties of $35,298 and $352,651, respectively.

 

A company controlled by our chief executive officer was owed $35,298 at September 30, 2021, and $3,487 at December 31, 2020. The amount due bears no interest, is unsecured, and hs no fixed terms for repayment. The Company incurred consulting fees of $55,461 (2020 - $11,888) to that company during the nine months ended September 30, 2021.

 

A former director was owed $nil at September 30, 2021, and $60,000 at December 31, 2020, for services rendered during 2007, that was settled on July 23, 2021 by the issuance of 1,500,000 common shares with a fair value of $714,300 resulting in a loss on debt settlement of $654,300, pursuant to a debt settlement agreement dated effective June 30, 2021.

 

A former director and related entities were owed $nil at September 30, 2021, and $579,088 at December 31, 2020 for loans, services rendered, accrued interest, and accounts payable and accrued liabilities.

 

During the period ended September 30, 2021, $220,071 ($130,947 in loans payable to related party and $89,124 in accrued interest on loans) was settled on July 23, 2021 by the issuance of 436,492 shares with a fair value of $207,857 resulting in a gain on debt settlement of $12,213, pursuant to a debt settlement agreement dated April 1, 2021

 

During the period ended September 30, 2021, amounts due to the the former director and related entities of $369,888 (2020 - $Nil 0) were forgiven pursuant to two debt forgiveness agreements dated June 30, 2021, that forgave $206,302 (Note 9) and $163,586 (Note 9) respectively recorded as other income.