Related Party Transactions and Amounts Due to Related Parties

3 Months Ended

Mar. 31, 2022

Related Party Transactions [Abstract]

Related Party Transactions and Amounts Due to Related Parties

7. Related Party Transactions and Amounts Due to Related Parties

At March 31, 2022, and December 31, 2021, the Company had amounts due to related parties of $37,038 and $34,194, respectively. A company controlled by our chief executive officer was owed $37,338 at March 31, 2022, and $34,494 at December 31, 2021. The amount due bears no interest, is unsecured, and has no fixed terms for repayment. The Company incurred advisory fees of $2,844 (March 31, 2021 - $4,569) that accrued to a company controlled by our chief executive officer during the three months ended March 31, 2022.

A former chief executive officer and director assigned to a related corporation an unpaid amount of $161,234 (CAD $202,759) as of March 31, 2022, as per a debt assignment agreement effective January 1, 2012.

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 a 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 and $163,586 respectively that was recorded as other income.