Note 12 - Related Party Transactions

12 Months Ended

Dec. 31, 2016

Notes to Financial Statements

Related Party Transactions Disclosure [Text Block]

12.

     Related party transactions:

The Company has a liability of $

nil

(2015

-

$2,391)

to a company owned by a current director and officer of the Company for payment of consulting fees of

$132,000

(2015

-

$132,000)

by the current director and officer of the Company.

The Company has a liability of

$2

(2015

-

$6,507)

to a current director and officer of the Company for expenses incurred.

The Company has a liability of $

nil

(2015

-

$14,804)

to a company owned by a current director and officer of the Company for payment of consulting fees of

$81,285

(2015

-

$91,734)

by the current director and officer of the Company.

The Company has a liability of $

nil

(2015

- $

nil

) to a company owned by a current director and officer of the Company for payment of consulting fees of

$90,000

(2015

-

$90,000)

by the current director and officer of the Company.

The Company has a liability of

$2

(2015

-

$831)

to a company owned by a previous director of the Company for payment of consulting fees of

$8,378

(2015

-

$3,948)

by the previous director of the Company.

The Company has a liability of

$500

(2015

-

$6,500),

to independent directors of the Company for payment of consulting fees. During the year ended

December

31,

2016,

the Company paid

$6,000

(2015

-

$9,500)

to the independent directors in director fees.

The Company has a liability of

$4,852

(2015

-

$1,533),

to an officer of the Company for payment of consulting fees and expenses incurred of

$63,655

(2015

-

$62,719)

by the officer of the Company.

The Company has

3

promissory notes totaling

$400,811,

including interest, from shareholders holding more than

10%

of the Company. The interest on the notes are

2%

per annum, calculated and compounded annually and paid annually. Subsequent to the year ended

December

31,

2016,

the Company issued

four

unsecured promissory notes for

$188,135,

from shareholders of the Company.

During the year ended

December

31,

2016,

the Company granted

500,000

options with an exercise price of

CAD$0.54

(approximately

$0.42)

per share to related parties. The Company expensed

$127,373

in stock based compensation for these options granted to related parties.

The related party transactions are in the normal course of operations and were measured at the exchange amount, which is the amount of consideration established and agreed to by the related party.