| Related party transactions |
|
10. |
Related party transactions |
All related party transactions were measured
at the amount of consideration established and agreed to by the related parties. All amounts due from/payable to related parties
are unsecured, non-interest bearing and have no fixed terms of repayment.
During the year ended December 31, 2021,
the Company incurred the following transactions with related parties:
|
a) |
Wages and benefits were paid or accrued to officers of the Company in the amount of $278,840 (2020
- $196,097; 2019 - $194,166). |
|
b) |
Professional fees were paid or accrued to a former officer of the Company in the amount of $58,500
(2020 - $30,000; 2019 - $30,000). |
|
c) |
Professional fees were paid or accrued
to an officer of the Company in the amount of $53,000 (2020 -$Nil; 2019 - $Nil). |
|
d) |
Research and development fees were paid or accrued to an officer of the Company in the amount of
$106,366 (2020 - $Nil; 2019 - $Nil). |
|
e) |
Consulting fees were accrued to directors of the Company in the amount of $34,950 (2020 - $36,000;
2019 - $Nil) and directors fees were accrued to the directors of the Company in the amount of $62,200 (2020 - $Nil; 2019 - $Nil). |
|
f) |
As at December 31, 2021, $Nil (2020 - $52,450) was payable to the former Chief Financial Officer
(“CFO”) of the Company for CFO services, and $81,104 (2020 - $20,340) was payable to directors of the Company, $25,000
(2020 - $518,084) was accrued to the Chief Executive Officer (“CEO”) of the Company, for CEO services, and $47,543
(2020 - $Nil) was accrued to the Chief Medical Officer (“CMO”) of the Company, for consulting services. The balances
are unsecured, non-interest bearing, and have no fixed terms of repayment. |
|
g) |
Management compensation transactions for the years ended
December 31, 2021, 2020 and 2019 are summarized as follows: |
| |
|
Short-term employee
benefits
|
|
|
Share-based
payments |
|
|
Total |
|
| |
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
Year ended December 31, 2019
Directors and officers |
|
|
224,166 |
|
|
|
29,646 |
|
|
|
253,812 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
Year ended December 31, 2020
Directors and officers |
|
|
262,097 |
|
|
|
217,816 |
|
|
|
479,913 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
Year ended December 31, 2021
Directors and officers |
|
|
593,856 |
|
|
|
331,809 |
|
|
|
925,665 |
|
|