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RELATED PARTY TRANSACTIONS
 12 Months Ended
Dec. 31, 2023
Notes and other explanatory information [abstract]  
RELATED PARTY TRANSACTIONS

20. RELATED PARTY TRANSACTIONS

 

On August 1, 2019, the Company entered in a business services agreement (the “Agreement”) with Business Instincts Group (“BIG”), a company that Cameron Chell, CEO and director has a material interest in that he previously controlled, to provide: corporate development and governance, strategic facilitation and management, general business services, office space, corporate business development video content, website redesign and management, and online visibility management at fees set out in the Agreement. For the year ended December 31, 2023, the Company incurred fees of $429,766 (December 31, 2022 - $442,485) which are included in professional fees. As at December 31, 2023, the Company was indebted to this company in the amount of $3,780 (December 31, 2022 - $30,804).

 

On October 1, 2019, the Company entered into an independent consultant agreement (“Consultant Agreement”) with 1502372 Alberta Ltd, a company controlled by Cameron Chell, CEO and director, to provide executive consulting services to the Company and all fees are set in the Consultant Agreement. For the year ended December 31, 2023, the Company incurred fees of $592,500 (December 31, 2022 - $566,487) included in professional fees. As at December 31, 2023, the Company was indebted to this company in the amount of $35,417 (December 31, 2022 - $nil).

 

On July 3, 2020, the Company entered into an executive consultant agreement (“Executive Agreement”) with Scott Larson, a director of the Company, to provide executive consulting services, as President, to the Company. On May 9, 2022, Scott Larson ceased to be President of the Company and entered into an agreement to provide executive consulting services to the Company and all fees are set in the consulting agreement. For the year ended December 31, 2023, the Company incurred fees of $215,019 (December 31, 2022 - $383,288) included in professional fees. As at December 31, 2023, the Company was indebted to this company in the amount of $9,287 (December 31, 2022 - $20,745).

 

Trade receivables/payables and accrued receivables/payables:

 

As at December 31, 2023, the Company had $190,664 (December 31, 2022 - $51,549) payable to related parties that was included in accounts payable. The balances outstanding are unsecured, non-interest bearing and due on demand.

 

 

Draganfly Inc.

Notes to the Consolidated Financial Statements

For the Year Ended December 31, 2023

Expressed in Canadian Dollars

 

 

20. RELATED PARTY TRANSACTIONS (CONT’D)

 

Key management compensation

 

Key management personnel include those persons having authority and responsibility for planning, directing and controlling the activities of the Company as a whole. Compensation awarded to key management for the year ended December 31, 2023 and 2022 included:

 

      For the years ended December 31, 
    2023    2022   2021 
Director fees   $ 600,933     $522,349   $370,094 
Salaries     979,154      843,917    722,068 
Share-based payments     1,109,232      2,106,906    2,475,949 
Total   $ 2,689,319    $3,473,172   $3,568,111 

 

Other related party transactions

 

    For the years ended December 31,
    2023    2022   2021 
Management fees paid to a company controlled by CEO and director   $ 592,500    $566,487   $290,225 
Management fees paid to a company that the CEO holds an economic interest in     429,766     442,485    315,643 
Management fees paid to a company controlled by a director     215,019     383,288    205,691 
Management fees paid to a company, total    $ 1,237,285    $1,392,260   $811,559