Annual and transition report of foreign private issuers pursuant to Section 13 or 15(d)

Related Party Transactions

v3.23.1
Related Party Transactions
12 Months Ended
Dec. 31, 2022
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS
14. RELATED PARTY TRANSACTIONS

 

The following summarizes the Company’s related party transactions, not disclosed elsewhere in these consolidated financial statements, during the twelve months ended December 31, 2022 and 2021. Key management personnel includes the Chief Executive Officer (CEO), Chief Financial Officer (CFO) and certain directors and officers and companies controlled or significantly influenced by them.

 

Key Management Personnel   2022     2021  
    ($)     ($)  
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.     350,657       335,430  
Short-term employee benefits paid or accrued to the CFO of the Company, including share-based compensation vested for incentive stock options and performance warrants.     363,291       447,710  
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.     215,038       215,706  
Short-term employee benefits paid or accrued to the Chief Technology Officer of the Company, including share-based compensation vested for incentive stock options and performance warrants.     306,441       289,290  
Short-term employee benefits paid or accrued to a Director of the Company, including share-based compensation vested for incentive stock options and performance warrants.     293,585      
-
 
Short-term employee benefits paid or accrued to the Chief People Officer of the Company, including share-based compensation vested for incentive stock options and performance warrants.     205,681      
-
 
Short-term employee benefits paid or accrued to other directors and officers of the Company, including share-based compensation vested for incentive stock options and performance warrants.     426,153       666,586  
Total     2,160,846       1,954,722  

 

Other Related Party Payments

 

Office sharing and occupancy costs of $64,741 (December 31, 2021 - $67,012) were paid or accrued to a corporation that shares management in common with the Company.

 

Amounts Outstanding

 

a) At December 31, 2022, a total of $304,623 (December 31, 2021 - $302,883) 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 (Note 11).

 

b) At December 31, 2022, a total of $2,604,713 (December 31, 2021 - $2,786,183) of notes are payable to a director of the Company (Note 12).