Related Party Transactions

12 Months Ended

Dec. 31, 2022

Related Party Transactions [Abstract]

RELATED PARTY TRANSACTIONS

26. RELATED PARTY TRANSACTIONS

Key Personnel Compensation

Key management personnel includes those persons having authority and responsibility for planning, directing, and controlling the activities of the Company as a whole. The Company has determined that key management personnel consists of executive and non-executive members of the Company’s Board of Directors and corporate officers. The remuneration of directors and key management personnel for the years ended December 31, 2022, 2021 and 2020 are as follows:

	2022		2021		2020
Payments to key management personnel:
Salaries, consulting and directors’ fees	$	1,387,221	$	1,271,532	$	1,179,762
Share-based payments		2,126,970		235,737		261,794
Total	$	3,514,191	$	1,507,269	$	1,441,556

Salaries, consulting and directors’ fees shown above are classified within profit and loss as shown below:

		(in thousands)
Type of Service	Nature of Relationship	2022		2021		2020
Selling and marketing expenses	VP Technology/VP Sales International	$	202	$	402	$	174
General and administrative expense	Companies controlled by the CEO, CFO and Directors	$	1,185	$	869	$	1,006

Loan to Director

On April 1, 2019, the Company loaned to a director and its chief Executive Officer, $200,000 USD. This loan was for a term of 5 years with interest charged at rate of 7% per annum payable quarterly. As of January 1, 2020, the interest rate on the loan was increased to 12% per annum. There were no capital repayment requirements until the end of the term when a balloon payment of the principal balance was required. The director repaid the loan in full on May 23, 2021.