Note 11 - Related Parties

9 Months Ended

Sep. 30, 2023

Notes to Financial Statements

Related Party Transactions Disclosure [Text Block]

11. RELATED PARTIES

Related parties include the Board of Directors, officers, close family members and enterprises that are controlled by these individuals as well as certain persons performing similar functions.

The Company defines its key management as the Board of Directors, Chief Executive Officer, President, and Chief Financial Officer. Remuneration of directors and key management personnel of the Company for the period ended September 30, 2023 and 2022 was as follows:

	2023		2022
Consulting	$	135,000	$	90,000
Selling general and administrative		79,913		65,742
Share-based compensation to directors and officers		1,442		40,761
	$	216,355	$	196,503

The Company for the period ended September 30, 2023 and 2022 reimbursed a related party $79,913 and $65,742, respectively, for selling, general and administrative expenses paid on behalf of the Company. The Company incurred $135,000 (2022 - $90,000) of consulting fees accrued to a company controlled by a director of the Company for the period ended September 30, 2023 and 2022.

The Company also recorded share-based compensation of $1,442 (2022 - $40,761) for options vested to related parties during the period ended September 30, 2023 and 2022.