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Related Party Transactions

6 Months Ended

Jun. 30, 2022

7.	Related Party Transactions:

The transactions we have with related parties include compensation arrangements for current compensation, share based compensation, and compensation under options, and share purchase as investor.

Executive officers and directors participate in the Corporation’s stock option plan. Certain Executive officers are covered under the Corporation’s health plan.

Key management personnel compensation is comprised of:

	Three months				Six months
	ended June 30,				ended June 30,
	2022		2021		2022		2021

Salaries and bonus		60,000		-		360,000		250,000
Short-term employee benefits		598		602		1,181		1,185
Stock-based compensation		349,259		184,827		411,526		414,015

	$	409,857	$	185,429	$	772,707		665,200

Total honorariums to the independent directors of the Corporation for participating in Board and Committee meetings were nil for the period ended June 30, 2022 and 2021, respectively.

On June 28, 2022, the company accepted the resignation of the CFO. The former Chief Financial Officer received no compensation as an individual and received no deferred or incentive compensation. We do make payments based on contract for services rendered to a corporation controlled by him. Amounts paid under this arrangement were $40,000 for the period ended June 30, 2022 and $240,000 for the period ended June 30, 2021, respectively.

On May 11, 2022, the company issued 235,346 shares to James G. Robinson in consideration for his long and outstanding service to the company. The total value of the compensation shares is $324,777

Our Corporate Legal Counsel receives no salary compensation as an individual and receives no deferred or incentive compensation. We do make payments based on contract for services rendered to a corporation controlled by him. Amounts paid under this arrangement were $242,500 for the period ended June 30, 2022 and $173,464 for the period ended June 30, 2021, respectively.

One of directors, James G. Robinson, purchased 1,151,515 shares of common stock at a purchase price of $1.65 per share for a total value of 1.9M in the company’s financing in March, 2022. Concurrently with the closing of the Offering, he received warrants to purchase up to an aggregate of 1,151,515 shares of common stock, at an initial exercise price equal to $2.00 per share and will expire on the five-year anniversary of the Effective Date.