v3.22.1
Related party transactions and balances
 3 Months Ended
Mar. 31, 2022
Related Party Transactions [Abstract]  
Related party transactions and balances

8.       Related party transactions and balances

 

      
   Three Months Ended March 31, 2022  Three Months Ended March 31, 2021
Related party transactions included within interest expense:          
Interest expense on promissory notes issued to relatives of the Chairman and Chief Executive Officer of the Company  $79,292   $78,982 
Interest expense on lines of credit payable to the Chairman and Chief Executive Officer of the Company and his spouse  $384,922   $314,737 
           
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  $62,400   $62,400 
Salary for services as VP Corporate and Director of the Singapore subsidiary to the spouse of the Chairman and Chief Executive Officer of the Company  $11,091   $—   
Rent paid to a company controlled by the spouse of the Chairman and immediate family members  $12,200   $—   

 

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.

 

The Company also issued commitment letters to two creditors who are relatives of the Chairman and Chief Executive Officer of the Company offering them an aggregate 20,000,000 shares of common stock in exchange for the extinguishment of $1,511,377 in promissory notes and interest payable prior to December 31, 2021 (note 6(b)(v)). These offer letters expired on December 31, 2021 without the parties executing any settlements. On March 18, 2022, the Company extended the offer letters from December 31, 2021 to December 31, 2022 for the settlement of $1,541,000 in promissory notes and interest payable. As of the date of these condensed consolidated financial statements, the offer letters have not been executed.