• Filing Date: 2018-11-14
  • Form Type: 10-Q
  • Description: Quarterly report
v3.10.0.1
Related Party Transactions Disclosure
9 Months Ended
Sep. 30, 2018
Notes  
Related Party Transactions Disclosure

NOTE 2 - RELATED PARTY TRANSACTIONS

 

Amounts due to related parties, other than notes payable to related parties and KF Business Ventures loans (Notes 3 and 4), at September 30, 2018 and December 31, 2017:

 

 

September 30,

2018

 

December 31,

2017

Due to a company controlled by the Chief Financial Officer (“CFO”)

$

203,392

 

$

201,472

Due to the former Chief Executive Officer (“CEO”)(1)

 

--

 

 

73,125

Due to the former President and Chief Technical Officer (“CTO”) (1)

 

--

 

 

87,923

Due to the former Senior Vice President (“VP”) of Business Development(1)

 

--

 

 

74,064

Due to related parties

$

203,392

 

$

436,584

Amounts are unsecured, due on demand and bear no interest.

(1) Mr. Norling, the Company’s former President and CTO, and Mr. Aasen, the Company’s former CEO, resigned from their respective management positions with the Company on February 7, 2017; Mr. Miller, the Company’s former Senior VP of Business Development, resigned from his management positions with the Company on February 13, 2017. As at September 30, 2018, we owed Mr. Norling $87,923, Mr. Aasen - $73,125, and Mr. Miller - $74,064 for the past services; these amounts have been included in accounts payable.

 

The Company incurred the following expenses with related parties:

 

 

September 30,

2018

 

September 30,

2017

Administrative fees accrued to a company controlled by the CFO

 

--

 

 

105,000

Fair value of options issued to a Director and Chairman (Note 5)

 

32,684

 

 

79,118

Total transactions with related parties

$

32,684

 

$

184,118