Related Party Transactions

12 Months Ended

Dec. 31, 2021

Related Party Transactions [Abstract]

Related Party Transactions [Text Block]

10. Related Party Transactions

For the year ended December 31, 2021, the Company incurred $287,280 (C$360,000) (2020-$134,298; C$180,000) respectively, in management fees expense with Travellers International Inc. ("Travellers"), an Ontario company controlled by a director and the president and chief executive officer (the "CEO"); and $76,608 (C$96,000) (2020-$71,626; C$96,000) in management fees expense with the Company's chief financial officer (the "CFO"). As at December 31, 2021, unpaid remuneration and unpaid expenses in the amount of $14,755 (C$18,706) (December 31, 2020-$396,160; C$504,405) is included in accounts payable in the consolidated balance sheets. The amounts previous owed to the former chief executive officer in the amount of $310,428 (C$395,500), including the harmonized sales taxes, were settled for $225,435 (C$282,500) and paid on December 7, 2021. The amount over and above the settlement amount relating to management fees prior to 2020, $79,800 (C$100,000), was written off to management fees in the consolidated statements of operations and comprehensive loss.

In addition, during the year ended December 31, 2021, the Company incurred interest expense of $nil (C$nil) (2020-$6,096; C$8,171) on outstanding loans from Travellers and $283 C$(355) (2020-$nil; C$nil) on the outstanding loan from the CFO.

For the year ended December 31, 2021, the Company incurred $90,014 (C$112,800) (2020-$75,331; C$100,967) in rent expense paid under a lease agreement, currently under a month-to-month lease with Haute Inc. ("Haute"), an Ontario company controlled by the CEO.

For those independent directors providing their services throughout 2021, the Company recorded directors compensation for the year ended December 31, 2021 in the amount of $53,136 (C$66,587) (2020-$37,619; $50,421). Also included in directors' compensation for the year ended December 31, 2021, is the audit committee chairman's fees, in the amount of $nil (C$nil) (2020-$2,862; C$3,836). As at December 31, 2021, outstanding directors compensation of $nil (C$nil) (2020-$2,663; C$3,390) is included in accounts payable and $70,358 (C$89,196) (2020-$37,244; C$47,421) is included in accrued liabilities, in the consolidated balance sheets.

Furthermore, for the year ended December 31, 2021, the Company recognized management stock-based compensation expense of $217,035 (2020 $nil and $nil), on the common stock issued to the CEO and the CFO, 1,000,000 and 50,000 common stock respectively, on commencement of their new executive consulting agreements, effective January 1, 2021.