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Related Party Transactions and Balances
 12 Months Ended
Dec. 31, 2023
Related Party Transactions and Balances [Abstract]  
Related party transactions and balances
13.Related party transactions and balances

 

Related parties include key management of the Company and any entities controlled by these individuals as well as other entities providing key management services to the Company. Key management personnel consist of Directors and senior management including the Executive Chairman, Chief Executive Officer, Chief Financial Officer, Chief Operating Officer, and Chief Administrative Officer.

 

The amounts paid to key management or entities providing similar services are as follows:

  

       December 31,   December 31, 
       2023   2022 
       $   $ 
Consulting   (1)    154,529    103,514 
Data acquisition        -    55,150 
Directors’ fees   (2)    185,583    192,604 
Staff costs        5,956,285    1,607,211 
Stock option expense        3,586,512    4,729,503 
Total key management compensation        9,882,909    6,687,982 

 

(1)During the year ended December 31, 2023, the Company incurred communications & community engagement consulting fees of $147,529 (December 31, 2022 - $103,514) according to a contract with Tintina Holdings, Ltd., a company owned and operated by the spouse of the Company’s Executive Chairman. The Company also incurred finance and accounting consulting fees of $7,000 (December 31, 2022 – nil) according to a contract with Hovan Ventures LLC, a company owned and operated by the former CFO for the Company.

 

During the period Tintina Holdings, Ltd’s contract was reassigned to a company named 5 Spot Corporation, a new Company owned by the spouse of the Company’s Executive Chairman.

 

(2)Directors’ Fees are included in staff costs on the consolidated statements of loss and comprehensive loss.

 

During the year ended December 31, 2023, the Company granted 2,075,000 options (December 31, 2022: 2,566,667) to key management, with a fair value of $3,174,594 (December 31, 2022: $6,496,785).

 

As of December 31, 2023, and December 31, 2022, the following amounts were owing to related parties:

 

      December 31,   December 31, 
      2023   2022 
      $   $ 
5 Spot Corp   Consulting services   12,000    12,744 
Hovan Ventures LLC   Consulting services   7,000    - 
Officers and Board members   Accrued compensation   2,501,594    428,630 
      2,520,594    441,374