Note 7 - Related Party Transactions

12 Months Ended

May 31, 2019

Notes to Financial Statements

Related Party Transactions Disclosure [Text Block]

7. RELATED PARTY TRANSACTIONS

The Company entered into the following transactions with related parties:

For the year ended May 31,	2019		2018
Consulting fees to CFO	$	130,000	$	124,167
Wages and benefits to CEO and COO		995,974		880,520
Directors fees (included in consulting fees)		155,219		154,000
Stock-based compensation to related parties		1,147,341		494,777
	$	2,428,534	$	1,653,464

As at

May 31, 2019,

included in accounts payable and accrued liabilities was

$12,810

(

2018

–

$15,537

) in expenses owing to companies related to officers and officers of the Company.

These amounts were unsecured, non-interest bearing and had

no

fixed terms or terms of repayment. Accordingly, fair value could

not

be readily determined.

The Company has also entered into change of control agreements with officers of the Company. In the case of termination, the officers are entitled to an amount equal to a multiple (ranging from

two

times to

three

times) of the sum of the annual base salary or fees then payable to the officer, the aggregate amount of bonus(es) (if any) paid to the officer within the calendar year immediately preceding the Effective Date of Termination, and an amount equal to the vacation pay which would otherwise be payable for the

one

year period next following the Effective Date of Termination.