RELATED PARTY TRANSACTIONS

12 Months Ended

Dec. 31, 2019

Disclosure Of Related Party Transactions [Abstract]

11. RELATED PARTY TRANSACTIONS

Related party transactions not otherwise described in these consolidated financial statements are shown below. The remuneration of the Company’s directors and other members of key management, being the Chief Executive Officer, Chief Financial Officer, and Chief Operating Officer who have the authority and responsibility for planning, directing and controlling the activities of the Company, consist of the following amounts:

		December 31,		December 31,		December 31,
		2019		2018		2017
Management compensation	$	540,692	$	540,535	$	544,014
Management bonus^*		496,894		70,035		-
Share-based expense^**		255,902		262,261		264,172
Directors’ fees		120,500		73,000		67,000
	$	1,413,988	$	945,831	$	875,186

* The Company has management bonus agreements whereby 10% of the annual income before taxes, amortization and share-based expense is equally distributed to management.

** Share-based expense consists of the key management portion of the fair value of options granted calculated using the Black-Scholes option pricing model and does not include any cash compensation.

As at December 31, 2019, amounts due to related parties included accounts payable and accrued liabilities, which are unsecured and have no interest or specific terms of payments, of $537,644 (2018 - $19,500) consisting of $40,750 (2018 - $19,500) for directors’ fees and $496,894 (2018 - $70,035) for management bonus.