Related party transactions |
12 Months Ended |
---|---|
Dec. 31, 2022 | |
Related Party Transactions [Abstract] | |
Related party transactions | 18. Related party transactions
Shawn E. Leon As of December 31, 2022 and December 31, 2021 the Company had a payable to Shawn Leon of $411,611 and $106,100, respectively. Mr. Leon is a director and CEO of the Company. The balances payable are non-interest bearing and has no fixed repayment terms.
On December 30, 2022, the Company sold its wholly owned subsidiaries, Greenestone Muskoka and ARIA, to Mr. Leon for gross proceeds of $0. The Company realized a gain on disposal of $628,567 which was recorded as a credit to Additional Paid in Capital due to the related party nature of the transaction.
Due to the current financial position of the Group, Mr. Leon forfeited the management fees due to him for the year ended December 31, 2022 and the year ended December 31, 2021.
Leon Developments, Ltd. As of December 31, 2022 and December 31, 2021, the Company owed Leon Developments, Ltd., $850,607 and $935,966, respectively, for funds advanced to the Company.
Eileen Greene As of December 31, 2022 and December 31, 2021, the Company owed Eileen Greene, the spouse of our CEO, Shawn Leon, $1,451,610 and $1,472,215, respectively. The amount owing to Ms. Greene is non-interest bearing and has no fixed repayment terms.
All related party transactions occur in the normal course of operations and in terms of agreements entered into between the parties.
|