| 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, 2023, 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”), Amar Keshri, former Chief Financial Officer (“CFO”), and David MacDonald, former Chief Technology Officer (“CTO”) in the amount of $417,810 (2022 - $593,116; 2021 - $264,178).
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13.Related party transactions (continued)
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b) |
Fees were paid or accrued to 1282803 Ontario Inc., a company owned by James Fairbairn, the Chief Financial Officer (“CFO“)of the Company in the amount $76,201 (2022 - $nil; 2021 - $46,962)
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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 $200,229 (2022 - $238,813; 2021 - $84,416).
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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 $280,000 (2022 - $44,946; 2021 - $nil).
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e) |
Consulting fees were paid to Bruce Rowlands and Allan Williams, former directors of the Company in the amount of $nil (2022 - $nil; 2021 - $44,179).
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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 (2022 - $3,512; 2021 - $nil).
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g) |
Directors’ fees were paid or accrued to the directors of the Company in the amount of $182,675 (2022 - $127,053; 2021 - $33,492). The amount includes director fees payment of $133,967 for the year ended December 31, 2023 (2022 - $68,617; 2021 - $nil) to Anthony Giovinazzo, Chairman of the Company.
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h) |
As at December 31, 2023, $6,805 (2022 - $14,914) was payable to directors of the Company, $nil (2022 - $28,846) was accrued to the CEO of the Company for CEO services, $nil (2022 - $10,904) was accrued to the former CFO of the Company for CFO services, $14,631 (2022 - $nil) was accrued to the CFO of the Company for CFO services, $8,000 (2022 - $50,000) was payable and accrued to the CMO of the Company for consulting services, and $15,000 (2022 - $25,000) 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’ compensation transactions for the years ended December 31, 2023, 2022 and 2021 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, 2021 |
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|
|
|
|
|
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|
Directors and officers |
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442,932 |
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51,820 |
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276,436 |
|
771,188 |
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|
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|
Year ended December 31, 2022 |
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|
|
|
|
|
|
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Directors and officers |
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880,387 |
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127,053 |
|
404,573 |
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1,412,013 |
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|
|
|
|
|
|
|
|
Year ended December 31, 2023 |
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|
|
|
|
|
|
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Directors and officers |
|
974,240 |
|
182,675 |
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77,779 |
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1,234,694 |
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