Note 9 - Related Party Transactions

6 Months Ended

Jun. 30, 2018

Notes to Financial Statements

Related Party Transactions Disclosure [Text Block]

9.

   Related Party Transactions:

The Company has a liability of

$nil

(

December 31, 2017 -

$33,000

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

$33,000

(

June 30, 2017 -

$33,000

) by the current director and officer of the Company.

The Company has a liability of

$773

(

December 31, 2017 -

$97

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

The Company has a liability of

$5,567

(

December 31, 2017 -

$3,982

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

The Company has a liability of

$nil

(

December 31, 2017 -

$nil

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

$20,414

(

June 30, 2017 -

$19,177

) by the current director and officer of the Company.

The Company has a liability of

$nil

(

December 31, 2017 -

$nil

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

$22,500

(

June 30, 2017 -

$22,500

) by the current director and officer of the Company.

The Company has a liability of

$4,000

(

December 31, 2017 -

$1,000

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

June 30, 2018,

the Company accrued

$1,500

(

June 30, 2017 -

$500

) to the independent directors in director fees.

The Company has a liability of

$7,819

(

December 31, 2017 -

$6,106

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

$27,716

(

June 30, 2017 -

$23,417

) by the officer of the Company.

The Company has promissory notes totaling

$nil

(

December 31, 2017,

$600,235

), 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, 2018,

these promissory notes were settled through a warrant exercise, in a non-cash transaction.

The Company has a receivable of

$nil

(

December 31, 2017 -

$2,630

) from a company of which a current director of the Company is a director.

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.