Related Party Transactions and Loans Payable to Stockholders

9 Months Ended

Sep. 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 $4,425 at September 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 $18,731 and $15,163 for the nine months ended September 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. The advance was repaid during the period.

Related party payables consist of:

	September 30, 2022		December 31, 2021
Amounts owed to a company owned by one of the
Company’s directors for advisory fees	$	4,425	$	34,494
	$	4,425	$	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 period ended September 30, 2022, $40,000 in accounts payable to a company controlled by the chief executive officer was settled by the issuance of 200,000 shares with a fair value of $40,000. There was no gain of loss on the transaction.

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 $207,421 resulting in a gain on debt settlement of $12,650, pursuant to a debt settlement agreement dated April 1, 2021.

During the period ended September 30, 2021, amounts due to a former director, related entities, and an unrelated party of $458,833 (2020 - $ Nil) were forgiven pursuant to two debt forgiveness agreements dated June 30, 2021, and the expiration of a statutory time frame allowing creditors to bring suit under contract, that forgave $206,302 and $163,586 respectively and extinguished $88,945 that was recorded as other income.