Note 10 - Related Party Transactions

9 Months Ended

Sep. 30, 2017

Notes to Financial Statements

Related Party Transactions Disclosure [Text Block]

10.

Related Party Transactions:

The Company has a liability of

$nil

(

December 31, 2016 -

$nil

) to a company owned by a current director and officer of the Company for payment of services rendered of

$33,000

(

September 30, 2016 -

$33,000

) by the current director and officer of the Company.

The Company has a liability of

$804

(

December 31, 2016 -

$2

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

The Company has a liability of

$nil

(

Dec

ember

31,

2016

-

$nil

) to a company owned by a current director and officer of the Company for payment of services rendered of

$19,638

(

September 30, 2016 -

$19,676

) by the current director and officer of the Company.

The Company has a liability of

$nil

(D

ecember

31,

2016

-

$nil

) to a company owned by a current director and officer of the Company for payment of services rendered of

$22,500

(

September 30, 2016 -

$22,500

) by the current director and officer of the Company.

The Company has a liability of

$3,00

0

(

December 31, 2016 -

$500

), to independent directors of the Company for payment of services rendered. During the quarter ended

September 30, 2017,

the Company accrued

$1,000

(

September 30, 2016 -

$2,000

) to the independent directors in director fees.

Th

e Company has a liability of

$7,472

(

December 31, 2016 -

$4,852

), to an officer of the Company for payment of services rendered and expenses incurred of

$23,447

(

September 30, 2016 -

$13,658

) by the officer of the Company.

The Company has a liability of $

nil

(

December 31, 2016 -

$2

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

$nil

(

September 30, 2016 -

$4,985

) by the previous director of the Company.

The Company has promissory notes totaling

$597,270

(Decem

ber

31,

2016,

$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.

During the quarter ended

June 30, 2017,

the directors an

d shareholders holding more than

10%

of the Company's shares subscribed for

1,200,000

units totaling

CAD$540,000

(

$408,102

) in the private placement.

The related party transactions are in the normal course of operations and were measured at the exchange a

mount, which is the amount of consideration established and agreed to by the related party.