Related party transactions and balances

6 Months Ended

Jun. 30, 2020

8. Related Party Transactions and Balances

	Three months ended June 30, 2020		Three months ended June 30, 2019	Six months ended June 30, 2020	Six months ended June 30, 2019
	$		$	$	$
Related party transaction included within interest expense:
Interest expenses on promissory notes issued to relatives of the Chairman & Chief Executive Officer of the Company	79,171		74,780	157,963	149,562
Interest expense on lines of credit payable to the Chairman & Chief Executive Officer of the Company and his spouse	363,001		338,895	719,455	672,145
Interest expense related to the modification of stock options held by the Chairman and Chief Executive Officer of the Company and his spouse related to financing provided	-		1,085,371	-	1,085,371
Related party transactions including within selling, general and administration expenses:
Consulting fees to the Chairman & Chief Executive Officer of the Company accrued on the line of credit available to the Company	62,400		47,400	124,800	94,800
Stock options granted to four members of the Board of Directors of the Company	-		505,832	-	770,421
Selling, general and administration expense related to the modification of stock options to three members of the Board of Directors		-	799,625	-	799,625
Related party transactions included within product development expense:
Consulting fees to a relative of the Chairman and Chief Executive Officer of the Company	30,000		60,000	60,000	60,000

Interest on promissory notes payable to related parties, management compensation and compensation paid to a relative of a director have been recorded at the exchange amount, which is the amount agreed to by the parties. Options granted to related parties have been recorded at their estimated fair value.