General form of registration statement for all companies including face-amount certificate companies

Related Party Transactions

v3.20.4
Related Party Transactions
9 Months Ended 12 Months Ended
Sep. 30, 2020
Dec. 31, 2019
Related Party Transactions [Abstract]    
Related Party Transactions
10. RELATED PARTY TRANSACTIONS

 

Key management personnel include those persons having the authority and responsibility of planning, directing, and executing the activities of the Company. The Company has determined that its key management personnel consist of the Company’s officers and directors.

 

    Nine months ended     Nine months ended  
    September 30, 2020     September 30, 2019  
Accounting fees (included in professional)   $ 15,084     $ 76,275  
Consulting fees     -       86,518  
Total   $ 15,084     $ 162,793  

 

As at September 30, 2020, $Nil (December 31, 2019 - $35,093) in total was owed to officers and directors or to companies owned by officers and directors of the Company for services and expenses. These amounts owed have been included in accounts payable and accrued liabilities.

 

During the nine months ended September 30, 2020, $Nil (September 30, 2019 - $12,403) was included in share issue costs that was paid to officers and directors or to companies owned by officers and directors of the Company in the efforts to raise capital during the period.

 

During the nine months ended September 30, 2020 and September 30, 2019 the company paid $34,092 and $76,275, respectively, to our U.S. general counsel firm, D R Welch against legal services. An aggregate of 62,500 shares were issued to David Welch as part of the payment.

 

During the nine months ended September 30, 2020 the company paid $Nil (September 30, 2019 -$17,271 for management services to First Liberty Power Corp., related to the Chairman of the Board of Directors, Don Nicholson.

 

On April 30, 2019 a loan of $18,625 (CAD $25,000) bearing interest at 2% per annum was given to Ingo Mueller, Chief Executive officer for the purposes of obtaining corporate credit card. The loan was subsequently repaid on August 9, 2019 along with interest accrued.

 

During the nine months ended September 30, 2020 the company paid $8,862 (September 30, 2019: $19,561) for consulting services to 0902550 BC Ltd. where Don Nicholson is the principal consultant.

 

On May 1, 2019, the Company entered into a 12 months consulting agreement with Arni Johannson to provide Investor Relations services for a monthly fee of CAD 10,000. As of September 30, 2020, the Company owed $89,962 pursuant to the said agreement. 

 

There were no other payments to related parties for the nine months ended September 30, 2020 and September 30, 2019 other than expense reimbursements in the ordinary course of business.

10. RELATED PARTY TRANSACTIONS

 

Key management personnel include those persons having the authority and responsibility of planning, directing, and executing the activities of the Company. The Company has determined that its key management personnel consist of the Company’s officers and directors.

 

    Year ended     Year ended  
    31-Dec-2019     31-Dec-2018  
Accounting fees (included in professional)   $ 75,923     $ 68,405  
Consulting fees   $ 90,436     $ 89,720  
Total   $ 166,359     $ 158,125  

 

As at December 31, 2019, $35,093 (December 31, 2018 - $19,758) in total was owing to officers and directors or to companies owned by officers and directors of the Company for services and expenses. These amounts owing have been included in accounts payable and accrued liabilities.

 

As at December 31, 2019, $Nil (December 31, 2018 - $2,315) was included in rent that was paid to an officer of the Company.

 

As at December 31, 2019, $12,403 (December 31, 2018 - $38,638) was included in share issue costs that was paid to officers and directors or to companies owned by officers and directors of the Company in the efforts to raise capital during the period.

 

There were no other payments to related parties for the year ended December 31, 2019 and 2018 other than expense reimbursements in the ordinary course of business.