Related Party Transactions

12 Months Ended

Dec. 31, 2022

Related Party Transactions [Abstract]

Related Party Transactions [Text Block]

9. Related Party Transactions

For the year ended December 31, 2022, the Company incurred $369,216 (C$480,000) (2021-$287,280; C$360,000) 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 $92,304 (C$120,000) (2021-$76,608; C$96,000) in management fees expense with the Company's chief financial officer (the "CFO"). As at December 31, 2022, unpaid remuneration and unpaid expenses in the amount of $161,790 (C$219,138) (December 31, 2021-$14,755; C$18,706) is included in accounts payable and $22,705 (C$30,753) (2021-$nil; C$nil) in accrued liabilities in the consolidated balance sheets.In the prior year, 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 prior year in the consolidated statements of operations and comprehensive loss.

In addition, during the year ended December 31, 2022, the Company incurred interest expense of $518 C$(674) (2021-$283; C$355) on the outstanding loan from the CFO.

For the year ended December 31, 2022, the Company incurred $107,216 (C$139,386) (2021-$90,014; C$112,800) 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 2022, the Company recorded directors' compensation in the amount of $57,690 (C$75,000) (2021-$53,136; $66,587). As of December 31, 2022, outstanding directors' compensation of $121,226 (C$164,196) (2021-$70,358; C$89,196) is included in accrued liabilities, in the consolidated balance sheets. In addition, during the year, one of the independent directors was awarded stock-based compensation consisting of 750,000 common shares of the Company, valued at $105,750, based on the trading price on commencement of the consulting agreement, for services provided in developing certain contacts to further the Company's business opportunities. This amount is disclosed as stock-based compensation in the consolidated statements of operations and comprehensive loss.

Furthermore, for the year ended December 31, 2022, the Company recognized management stock-based compensation expense of $240,450 (2021-$217,035), on the common stock issued to the CEO and the CFO, 1,000,000 (2021-1,000,000) and 50,000 (2021-50,000) common stock respectively, on their executive consulting agreements and $1,990 on 10,000 common stock issued to an employee.