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RELATED PARTY TRANSACTIONS AND BALANCES
12 Months Ended
Jan. 31, 2020
10. RELATED PARTY TRANSACTIONS AND BALANCES

Related party transactions are measured at the estimated fair values of the services provided or goods received. Related party transactions not disclosed elsewhere in these financial consolidated statements are as follows:

 

 

a)

Key management personnel

 

 

 

 

 

The Company has identified its directors and certain senior officers of the Company, who have the authority and responsibility for planning, directing and controlling the activities of the Company, as key management personnel. The remuneration of directors and officers for the years ended was as follows:

 

 

 

2020

 

 

2019

 

 

2018

 

 

 

 

 

 

 

 

 

 

 

Salaries, bonuses, fees and benefits

 

 

 

 

 

 

 

 

 

Members of the Board of Directors

 

$ 132,228

 

 

$ 124,500

 

 

$ 191,575

 

Other members of key management

 

 

92,019

 

 

 

37,801

 

 

 

55,071

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Share-based payments

 

 

 

 

 

 

 

 

 

 

 

 

Members of the Board of Directors

 

 

209,032

 

 

 

219,248

 

 

 

400,000

 

Other members of key management

 

 

30,967

 

 

 

32,480

 

 

 

72,000

 

 

 

$ 464,247

 

 

$ 414,029

 

 

$ 718,646

 

 

 

b)

Amounts due to/from relates parties

 

 

 

 

 

In the normal course of operations, the Company transacts with companies with directors or officers in common. Advances to Oniva International Services Corp. (“Oniva”) of $364,390 (January 31, 2019 - $Nil) for expenditures to be incurred on behalf of the Company are included in prepaid expenses and other assets on the consolidated statements of financial position as at January 31, 2020. The following amounts are payable to related parties:

 

 

 

January 31,

2020

 

 

January 31,

2019

 

Directors

 

 

15,000

 

 

 

11,250

 

Oniva International Services Corp.

 

 

-

 

 

 

20,217

 

 

 

$ 15,000

 

 

$ 31,467

 

 

 

 

The amounts included above are unsecured, non-interest bearing with no fixed terms of repayment.

 

 

 

 

c)

Other related party transactions

 

 

 

 

 

The Company has a cost-sharing agreement to reimburse Oniva International Services Corp. (“Oniva”), as described in Note 11. The transactions with Oniva during the year are summarized below:

 

 

 

2020

 

 

2019

 

 

2018

 

Salaries and benefits

 

$ 216,696

 

 

$ 118,361

 

 

$ 105,344

 

Office and miscellaneous

 

 

160,767

 

 

 

77,443

 

 

 

66,663

 

 

 

$ 377,463

 

 

$ 195,804

 

 

$ 172,007

 

 

 

 

Salaries and benefits above includes $92,019 (2019 – $37,801; 2018 – $55,071) for key management personnel compensation that has been included in Note 10(a).