Related Party Transactions and Loans Payable to Stockholders

6 Months Ended

Jun. 30, 2022

Related Party Transactions [Abstract]

Related Party Transactions and Loans Payable to Stockholders

Note 7 - Related Party Transactions and Loans Payable to Stockholders

A company controlled by the chief executive officer was owed $44,307 at June 30, 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 from a company controlled by the chief executive officer in the amount of $11,863 and $15,163 for the six months ended June 30, 2022 and 2021 respectively.

A company owned by the Company’s controlling stockholder had advanced $15,000 to the Company at June 30, 2022. The amount due bears no interest, is unsecured, and has no fixed terms for repayment.

Related party payables consist of:

	June 30, 2022		December 31, 2021
Amounts owed to a company owned by the Company’s controlling stockholder	$	15,000	$	—
Amounts owed to a company owned by one of the Company’s directors for advisory fees		44,307		34,494
		59,307		34,494

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.