| Related party transactions |
13.Related party transactions
All related party transactions were measured at fair value. 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, 2024, the Company incurred the following transactions with related parties:
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a) |
Wages and benefits and professional fees were paid or accrued to Allen Davidoff, the Chief Executive Officer (“CEO”), in the amount of $391,655 (2023 - $337,794; 2022 - $369,494).
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b) |
Fees were paid or accrued to Michael Bumby, the Chief Financial Officer (“CFO”) of the Company in the amount of $6,515 and to 1282803 Ontario Inc., a company owned by James Fairbairn, the former Chief Financial Officer of $149,820 (2023 - $156,217; 2022 - $164,547 (paid or accrued to the former CFO)).
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c) |
Research and development fees were paid or accrued to Haworth Biopharmaceutical, a company owned by Stephen Haworth, the Chief Medical Officer (“CMO”) of the Company in the amount of $110,445 (2023 - $200,229; 2022 - $238,813).
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d) |
Consulting fees were paid or accrued to Stacy Evans, the Chief Business Officer (“CBO”) of the Company in the amount of $157,500 (2023 - $280,000; 2022 - $44,946).
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e) |
Wages and benefits were paid or accrued to the former Chief Technology Officer (“CTO”) in the amount of $nil (2023 - $nil, 2022 - $59,075).
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f) |
Consulting fees were paid to a private entity controlled by the spouse of the Company’s CEO in the amount of $nil (2023 - $nil; 2022 - $3,512).
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g) |
Directors’ fees were paid or accrued to the directors of the Company in the amount of $172,229 (2023 - $182,675; 2022 - $127,053). The amount includes director fees payment of $123,133 for the year ended December 31, 2024 (2023 - $133,967; 2022 - $68,617) to Anthony Giovinazzo, Chairman of the Company.
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h) |
As at December 31, 2024, $11,120 (2023 - $6,805) was payable to directors of the Company, $7,705 (2023 - $14,631 (was payable or accrued to the former CFO)) was payable and accrued to the CFO of the Company for CFO services, $8,000 (2023 - $8,000) was payable and accrued to the CMO of the Company for consulting services,and $12,500 (2023 - $15,000) was payable and accrued to the CBO of the Company for consulting services. The balances are unsecured, non-interest bearing, and have no fixed terms of repayment.
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i) |
Management and directors’ key management compensation transactions for the years ended December 31, 2024, 2023, and 2022 are summarized as follows:
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Management |
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Share-based |
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Compensation |
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Directors’ fees |
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payments |
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Total |
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$ |
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$ |
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$ |
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$ |
Year ended December 31, 2022 |
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Directors and officers |
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880,387 |
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127,053 |
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404,573 |
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1,412,013 |
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Year ended December 31, 2023 |
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Directors and officers |
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974,240 |
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182,675 |
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77,779 |
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1,234,694 |
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Year ended December 31, 2024 |
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Directors and officers |
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815,935 |
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172,229 |
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85,680 |
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1,073,845 |
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