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Related Party Transactions and Loans Payable to Stockholders
12 Months Ended
Dec. 31, 2022
Related Party Transactions [Abstract]  
Related Party Transactions and Loans Payable to Stockholders

Note 6 - Related Party Transactions and Loans Payable to Stockholders

At December 31, 2022 and 2021, a company controlled by the Company’s chief executive officer was owed $7,500 and $34,494 respectively. The amount due accrued no interest, was unsecured, and had no fixed terms for repayment.

During the years ended December 31, 2022, and 2021, the Company incurred advisory fees to a company controlled by its chief executive officer of $20,369 and $64,482.

Effective September 1, 2022, the Company signed an employment agreement with its chief executive officer for $90,000 per year plus incentive stock options until year-end December 31, 2022, thereafter for $120,000 per year over the term. At December 31, 2022, accrued payroll of $7,500 are included in amounts due to related parties.

At December 31, 2022, the Company accrued $600 to board members for services rendered. This amount is included in amounts due to related parties.

At December 31, 2022 and 2021, a company controlled by a stockholder had advanced $nil and $15,500 respectively to the Company. The amount accrued interest at 5%, was unsecured, and had no fixed terms for repayment. During the year ended December 31, 2022, the Company repaid this loan.

During the year ended December 31, 2022, $40,000 in accounts payable to a company controlled by the Company’s chief executive officer was settled by the issuance of 200,000 shares with a fair value of $40,000. There was no gain or loss on the settlement.

During the years ended December 31, 2022, and 2021, the Company recorded stock-based compensation of $11,795 and $nil from the grant of stock options to its chief executive officer and board members.

During the year ended December 31, 2021, $60,000 due to a director for services rendered during 2007, was settled 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.

During the year ended December 31, 2021, $130,947 in loans payable and $89,124 in accrued interest on loans due to a former officer and director were settled by the Company through 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.