Related party transactions

3 Months Ended

Mar. 31, 2023

Related Party Transactions [Abstract]

Related party transactions

13. Related party transactions

Shawn E. Leon

As of March 31, 2023 and December 31, 2022, the Company had a payable to Shawn Leon of $389,476 and $411,611, respectively. Mr. Leon is a director and CEO of the Company. The balances payable are non-interest bearing and has no fixed repayment terms.

On December 30, 2022, the Company sold its wholly owned subsidiaries, Greenestone Muskoka and ARIA, to Mr. Leon for gross proceeds of $0. The Company realized a gain on disposal of $628,567 which was recorded as an increase in Additional Paid in Capital due to the related party nature of the transaction.

Due to the current financial position of the Group, Mr. Leon forfeited the management fees due to him for the three months ended March 31, 2023 and the year ended December 31, 2022.

Leon Developments, Ltd.

As of March 31, 2023 and December 31, 2022, the Company owed Leon Developments, Ltd., $851,672 and $850,607, respectively, for funds advanced to the Company.

Eileen Greene

As of March 31, 2023 and December 31, 2022, the Company owed Eileen Greene, the spouse of our CEO, Shawn Leon, $1,414,828 and $1,451,610, respectively. The amount owed to Ms. Greene is non-interest bearing and has no fixed repayment terms.

All related party transactions occur in the normal course of operations and in terms of agreements entered into between the parties.