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

Related Party Transactions

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Related Party Transactions
12 Months Ended
Dec. 31, 2021
Related Party Transactions Disclosure [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, 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).