| RELATED PARTY TRANSACTIONS |
|
12. |
RELATED
PARTY TRANSACTIONS |
The
following summarizes the Company’s related party transactions, not disclosed elsewhere in these consolidated financial statements,
during the year ended December 31, 2020 and 2019. Key management personnel includes the Chief Executive Officer (“CEO”),
Chief Financial Officer (“CFO”), directors and officers and companies controlled or significantly influenced by them.
| Key
Management Personnel |
|
2020 |
|
|
2019 |
|
|
2018 |
|
| |
|
($) |
|
|
($) |
|
|
($) |
|
| Short-term
employee benefits paid or accrued to the CEO of the Company, including share-based compensation vested for incentive stock options
and performance warrants. |
|
|
375,858 |
|
|
|
382,002 |
|
|
|
434,543 |
|
| Short-term
employee benefits paid or accrued to the CFO of the Company, including share-based compensation vested for incentive stock options |
|
|
366,818 |
|
|
|
262,432 |
|
|
|
150,706 |
|
| Short-term
employee benefits paid or accrued to a member of the advisory board of the Company, including share-based compensation vested for
incentive stock options and performance warrants. |
|
|
290,314 |
|
|
|
62,209 |
|
|
|
297,445 |
|
| Short-term
employee benefits paid or accrued to the Chief Technical Officer of the Company, including share-based compensation vested for incentive
stock options and performance warrants. |
|
|
403,626 |
|
|
|
297,140 |
|
|
|
238,456 |
|
| Short-term
employee benefits paid or accrued to certain directors and officers of the Company including share-based compensation vested for
incentive stock options and performance warrants. |
|
|
440,000 |
|
|
|
442,757 |
|
|
|
101,456 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Total |
|
|
1,876,616 |
|
|
|
1,446,540 |
|
|
|
1,222,606 |
|
Other
Related Party Payments
Lease
payments of $84,000 (2019 - $84,000; 2018 - $76,000) were paid or accrued to a corporation that shares management in common with the
Company.
Amounts
Outstanding
|
a) |
At
December 31, 2020, a total of $757,265 (December 31, 2019 - $492,181) was included in accounts
payable and accrued liabilities owing to officers, directors, or companies controlled by
them. These amounts are unsecured and non-interest bearing. |
|
b) |
At
December 31, 2020 a total of $6,220,254 (December 31, 2019 - $5,470,000) of long term notes
was payable to a director, a member of the advisory board and the CEO of the Company (Note
10). |
|