Related Party Transactions

12 Months Ended

Dec. 31, 2021

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Related Party Transactions

NOTE 28 – RELATED PARTY TRANSACTIONS

The Company’s related parties includes its subsidiaries and key management personnel. During its normal course of operations, the Company enters into transactions with its related parties for goods and services that are measured at the amount exchanged.

Key management personnel compensation

Key management personnel include those persons having authority and responsibility for planning, directing, and controlling the activities of the Company as a whole. The Company defines key management personnel as key officers and directors.

For the years ended December 31,	2021		2020		2019
Salaries, management and directors’ fees	$	1,613,502	$	1,683,015	$	1,460,296
Share-based payments		432,098		628,019		388,398
Total	$	2,045,600	$	2,311,034	$	1,848,694

Other related party balances and transactions 1

	December 31, 2021		December 31, 2020
Due to principal owner of Agnity 2	$	234,278	$	813,023
Due to officer of Company for working capital loan 2		30,796		33,205
Due to key management personnel 2		121,852		116,091
Due to Agnity Communications Private Ltd. 3		1,111,521		1,138,630
Loan due to former shareholder of CSA 4		335,860		318,428
Amount due to related parties	$	1,834,307	$	2,419,377

1  Unless otherwise noted, all amounts due are unsecured, non-interest bearing and due on demand.

2  Included in trade accounts payable and accrued liabilities on the consolidated statements of financial position.

3  Associated with consulting services paid to a company partially owned by the principal owner of Agnity. Consulting services were $3,765,201 for the year ended December 31, 2021 (December 31, 2020 - $2,532,550; December 31, 2019 - $1,630,119). Balance due included in trade accounts payable and accrued liabilities on the consolidated statements of financial position.

4  Included in loans and borrowings (Note 12) on the consolidated statements of financial position.