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Investment in and Due to Related Company
3 Months Ended
Mar. 31, 2024
Investments, All Other Investments [Abstract]  
Investment in and Due to Related Company

3. Investment in and Due to Related Company

 

During the year ended December 31, 2019, the Company invested $7,600 in AQUAtap Oasis Partnership S.A.R.L. (“AQUAtap”), a limited liability company domiciled in the Democratic Republic of the Congo, and by doing so obtained 38% of the issued and outstanding shares in AQUAtap. The Company accounts for this investment using the equity method. During the year ended December 31, 2022, the investment balance was reduced to zero therefore the Company discontinued the equity method.

 

The due to related company amounts pertain to funds received on behalf of AQUAtap relating to rights agreements for water units. As at March 31, 2024, a balance of $41,273 (December 31, 2023 - $41,273) was owing to AQUAtap.