• Filing Date: 2018-05-15
  • Form Type: 10-Q
  • Description: Quarterly report
v3.8.0.1
Related Party Transactions Disclosure
3 Months Ended
Mar. 31, 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 March 31, 2018 and December 31, 2017:

 

 

March 31,

2018

 

December 31,

2017

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

$

202,311

 

$

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

$

202,311

 

$

436,584

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

(1) Messrs. Norling and Aasen resigned from their respective management positions with the Company on February 7, 2017; Mr. Miller resigned from his management positions with the Company on February 13, 2017. As at March 31, 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:

 

 

March 31,

2018

 

March 31,

2017

Administrative fees accrued to a company controlled by the CFO

 

--

 

 

45,000

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

 

11,720

 

 

27,342

Total transactions with related parties

$

11,720

 

$

72,342