| Related party transactions and balances |
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.
|
7. Related
party transactions and balances
| |
|
|
|
|
|
| |
|
|
Year
Ended December 31, 2019 |
|
Year
Ended December 31, 2018 |
| |
|
|
|
|
|
| Related party transaction included within
interest expense: |
|
|
|
|
|
Interest
expense on promissory notes issued to relatives of the Chairman
and
Chief Executive Officer of the Company |
|
$ |
321,626 |
$ |
299,126 |
Interest
expense on lines of credit payable to the Chairman and
Chief
Executive Officer of the Company and his spouse |
|
$ |
1,365,967 |
$ |
1,287,822 |
| 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 |
$ |
- |
| Stock-based
compensation related to stock options granted to a director of the Company |
|
$ |
2,158,441 |
$ |
- |
| |
|
|
|
|
|
| Related party transactions included within
selling, general and administrative expenses: |
|
|
|
|
|
| Consulting
fees to the Chairman and Chief Executive Officer of the Company accrued on the line of credit available to the Company |
|
$ |
189,600 |
$ |
189,600 |
| Stock-based
compensation related to stock options granted to four directors of the Company |
|
$ |
770,421 |
$ |
- |
| Selling,
general and administrative expenses related to the modification of stock options to three directors of the Company |
|
$ |
29,204 |
$ |
- |
| |
|
|
|
|
|
| Related party transactions included within
selling, general and administrative expenses: |
|
|
|
|
|
| Consulting
fees to a relative of the Chairman and Chief Executive Officer of the Company |
|
$ |
120,000 |
$ |
- |
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.
|
7. Related
party transactions and balances
| |
|
|
|
|
|
| |
|
|
Year Ended December 31, 2018 |
|
Year Ended December 31, 2017 |
| |
|
|
|
|
|
| Related party transaction included within interest expense: |
|
|
|
|
|
| Interest expenses on promissory notes issued to relatives of the Chairman & Chief Executive Officer of the Company |
|
$ |
299,125 |
$ |
299,125 |
| Interest
expense on lines of credit payable to the Chairman and Chief Executive Officer of the Company and his spouse |
|
$ |
1,287,822 |
$ |
1,202,250 |
| |
|
|
|
|
|
| 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 |
|
$ |
189,600 |
$ |
189,600 |
| Stock-based compensation related to stock options granted a Director of the Company |
|
$ |
- |
$ |
70,489 |
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.
|