Note 16 - Related Party Transactions

12 Months Ended

Dec. 31, 2019

Notes to Financial Statements

Related Party Transactions Disclosure [Text Block]

16.

Related party transactions:

The Company has a liability of

$33,000

(

2018

-

$nil

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

$142,000

(

2018

-

$132,000

) by the current director and officer of the Company.

The Company has a liability of

$9

(

2018

-

$nil

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

The Company has a liability of

$267

(

2018

-

$1,647

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

The Company has a liability of

$19,779

(

2018

-

$nil

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

$76,729

(

2018

-

$77,310

) by the current director and officer of the Company.

The Company has a liability of

$22,500

(

2018

-

$nil

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

$100,000

(

2018

-

$90,000

) by the current director and officer of the Company.

The Company has a liability of

$30,974

(

2018

-

$nil

) to a current director and officer of the Company for payroll and bonuses.

The Company has a liability of

$5,500

(

2018

-

$1,500

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

December 31, 2019,

the Company paid

$9,500

(

2018

-

$4,500

) to the independent directors in director fees.

The Company has a liability of

$91

(

2018

-

$7,317

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

$148,434

(

2018

-

$109,079

) by the officer of the Company.

The Company has a liability of

$nil

(

2018

-

$nil

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

$103,465

(

2018

-

$nil

) by the officer of the Company.

The Company has promissory notes totaling

$nil

(

2018

-

$nil

), 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 year ended

December 31, 2018,

these promissory notes were settled through a warrant exercise for

1,200,000

shares, in a non-cash transaction.

During the year ended

December 31, 2018,

the directors and 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.

During the year ended

December 31, 2018,

the Company granted

700,000

(

2018

-

125,000

) options with an exercise price of

CAD$0.54

(approximately

$0.42

) for fiscal

2018

per share and

275,000

(

2018

–

nil

) with an exercise price of

$0.50

for fiscal

2018,

to related parties.

The Company expensed

$479

(

2018

-

$281,492

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

The Company has a receivable of

$nil

(

2018

-

$2,305

) from a company of which a previous 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.