| 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, 2021 and 2020. 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 |
|
2021 |
|
|
2020 |
|
| |
|
($) |
|
|
($) |
|
| 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. |
|
|
335,430 |
|
|
|
280,177 |
|
| 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. |
|
|
447,710 |
|
|
|
273,439 |
|
| 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. |
|
|
215,706 |
|
|
|
216,410 |
|
| Short-term employee benefits paid or accrued to the Vice President of Engineering of the Company, including share-based compensation vested for incentive stock options and performance warrants. |
|
|
289,290 |
|
|
|
300,877 |
|
| 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. |
|
|
666,586 |
|
|
|
327,991 |
|
| |
|
|
|
|
|
|
|
|
| Total |
|
|
1,954,722 |
|
|
|
1,398,894 |
|
Other Related Party Payments
Office sharing and occupancy costs
of $67,012 (2020 - $62,616) were paid or accrued to a corporation that shares management in common with the Company.
Amounts Outstanding
|
a) |
At December 31, 2021, a total of $302,883 (December 31, 2020
- $551,815) 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 10). |
|
b) |
At December 31, 2021, a total of $2,786,183 (December 31,
2020 - $4,528,549) of long term notes was payable to a director and the CEO of the Company (Note 12). |
|