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Related Party Transactions
 9 Months Ended
Sep. 30, 2023
Related Party Transactions [Abstract]  
Related Party Transactions
17.Related Party Transactions

 

The Company’s related parties include directors, shareholders and key management.

 

Compensation to related parties totaled $3,251,238 and $9,535,624 for the three and nine months ended September 30, 2023, respectively (three and nine months ended September 30, 2022 - $1,443,254 and $2,438,843). Of such amounts, the Company awarded share-based compensation to related parties amounting to $1,980,511 and $5,802,382 for the three and nine months ended September 30, 2023, respectively (three and nine months ended September 30, 2022 - $174,950 and $180,852).

 

The Company incurred related party expenses for personnel services of $709,101 and $1,978,136 during the three and nine months ended September 30, 2023 respectively (three and nine months ended September 30, 2022 - $422,598 and $1,181,965). As of September 30, 2023, accounts payable for personnel services was $211,844 (December 31, 2022 - $174,351).

 

As of October 25, 2021, the Company was owed $390,000 from related parties pursuant to a loan carrying an interest rate of 0.19% per annum. The loan was originally incurred in connection with the purchase of a Company subsidiary’s domain name. During the three months ended September 30, 2023, the outstanding loan was repaid in full through the holdback and surrender of 26,731 shares of Class A Common Stock which the borrower was otherwise entitled to receive.

 

There were no other related party transactions during these periods.