XML 40 R18.htm IDEA: XBRL DOCUMENT v3.20.4
RELATED PARTY TRANSACTIONS AND BALANCES
12 Months Ended
Dec. 31, 2020
Note 12 - RELATED PARTY TRANSACTIONS AND BALANCES

All related party transactions are recorded at the exchange amount which is the amount agreed to by the Company and the related party. 

 

 

(a)

Key management personnel

 

The Company has identified its directors and certain senior officers as its key management personnel. The compensation costs for key management personnel for the year ended December 31, 2020, 2019 and 2018, were as follows:

 

 

 

2020

 

 

2019

 

 

2018

 

Salaries, benefits, and consulting fees

 

$

757

 

 

$

723

 

 

$

956

 

Share-based payments

 

 

1,468

 

 

 

659

 

 

 

531

 

 

 

$

2,225

 

 

$

1,382

 

 

$

1,487

 

 

 

(b)

Amounts due to/from related parties

 

In the normal course of operations the Company transacts with companies related to Avino’s directors or officers. All amounts payable and receivable are non-interest bearing, unsecured and due on demand. Advances to Oniva International Services Corp. (“Oniva”) of $Nil (December 31, 2019 - $Nil) for expenditures to be incurred on behalf of the Company are included in prepaid expenses and other assets on the consolidated statements of financial position as at December 31, 2020. The following table summarizes the amounts due to related parties:

 

 

 

December 31,

2020

 

 

December 31,

2019

 

Oniva International Services Corp.

 

$

106

 

 

$

105

 

Directors

 

 

48

 

 

 

51

 

Jasman Yee & Associates, Inc.

 

 

-

 

 

 

-

 

 

 

$

154

 

 

$

156

 

 

 

(c)

Other related party transactions

 

The Company has a cost sharing agreement with Oniva for office and administration services. Pursuant to the cost sharing agreement, the Company will reimburse Oniva for the Company’s percentage of overhead and corporate expenses and for out-of-pocket expenses incurred on behalf of the Company. David Wolfin, President & CEO, and a director of the Company, is the sole owner of Oniva. The cost sharing agreement may be terminated with one-month notice by either party without penalty.

 

The transactions with Oniva during the years ended December 31, 2020, 2019 and 2018, are summarized below:

 

 

 

2020

 

 

2019

 

 

2018

 

Salaries and benefits

 

$

636

 

 

$

665

 

 

$

594

 

Office and miscellaneous

 

 

290

 

 

 

322

 

 

 

560

 

Exploration and evaluation assets

 

 

-

 

 

 

206

 

 

 

353

 

 

 

$

926

 

 

$

1,193

 

 

$

1,507

 

 

For services provided to the Company as President and Chief Executive Officer, the Company pays Intermark Capital Corporation (“ICC”), a company controlled by David Wolfin, the Company’s president and CEO and also a director, for consulting services. For the years ended December 31, 2020, 2019 and 2018, the Company paid $224, $226 and $232, respectively, to ICC.

 

The Company pays Jasman Yee & Associates, Inc. (“JYAI”) for operational, managerial, metallurgical, engineering and consulting services related to the Company’s activities. JYAI’s managing director is a director of the Company. For the years ended December 31, 2020, 2019 and 2018, the Company paid $31, $33 and $66, respectively, to JYAI.

 

The Company pays Wear Wolfin Designs Ltd. (“WWD”), a company whose director is the brother-in-law of David Wolfin, for financial consulting services related to ongoing consultation with stakeholders and license holders. For the years ended December 31, 2020, 2019 and 2018, the Company paid $Nil, $Nil and $12, respectively, to WWD.