NOTE 15 – RELATED PARTY TRANSACTIONS
During the years ended December 31, 2017, 2016 and 2015 and in addition to the loans from related parties (note 9), the Company entered into the following transactions with related parties:
| (a) |
Compensation awarded to key management included a total of salaries and consulting fees of $466,000 (2016 - $470,000 and 2015 - $473,000) and non-cash stock-based compensation of $Nil (2016 - $80,000 and 2015 - $464,000). Key management includes the Company’s officers and directors. The salaries and consulting fees are included in general and administrative expenses. Included in accounts payable and accrued liabilities at December 31, 2017 is $131,000 (December 31, 2016 - $262,000 and December 31, 2015 - $200,000) owing to the two officers of the Company. |
| (b) |
Interest expenses of $370,000 (2016 - $595,000 and 2015 - $343,000) related to the loans from related parties were paid in cash to the CEO of the Company and his spouse or the companies controlled by or associated with the CEO of the Company. And, interest expenses of $139,000 (2016 - $Nil and 2015 - $Nil) related to the loans from related parties were paid via issuance of the Company’s shares to the companies controlled by or associated with the CEO of the Company. |