XML 22 R14.htm IDEA: XBRL DOCUMENT v3.22.1
Related Party Transactions and Amounts Due to Related Parties
12 Months Ended
Dec. 31, 2021
Related Party Transactions [Abstract]  
Related Party Transactions and Amounts Due to Related Parties

8. Related Party Transactions and Amounts Due to Related Parties

At December 31, 2021, and December 31, 2020, the Company had amounts due to related parties of $34,494 and $352,651, respectively.

A company controlled by our chief executive officer was owed $34,494 at December 31, 2021, and $3,488 at December 31, 2020. The amount due bears no interest, is unsecured, and has no fixed terms for repayment. The Company incurred advisory fees of $64,482 (2020 - $11,888) to that company during the year ended December 31, 2021.

A former director was owed $nil at December 31, 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 $712,800 resulting in a loss on debt settlement of $652,800, pursuant to a debt settlement agreement dated effective June 30, 2021.

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

During the year ended December 31, 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 $207,421 resulting in a gain on debt settlement of $12,650, pursuant to a debt settlement agreement dated April 1, 2021.

During the year ended December 31, 2021, amounts due to the the former director and related entities of $369,888 (2020 - $Nil) were forgiven pursuant to two debt forgiveness agreements dated June 30, 2021, that forgave $206,302 (Note 10) and $163,586 (Note 10) respectively recorded as other income.