RELATED PARTY TRANSACTIONS
|12 Months Ended|
Nov. 30, 2019
|Related Party Transactions [Abstract]|
|RELATED PARTY TRANSACTIONS [Text Block]||
The following transactions are in the normal course of operations and are measured at the amount of consideration established and agreed to by related parties. Amounts due to related parties are unsecured, non-interest bearing (with the exception of notes payable) and due on demand.
The Company expensed a total of $51,876 and $27,600 related to 360,000 and 180,000 shares of common stock issued for services provided by Dean Thrasher ("Thrasher"), a former director of the Company, during the years ended November 30, 2019 and 2018, respectively. The Company also recorded stock-based compensation expense of $39,046 during the year ended November 30, 2018 related to stock options to acquire 1,150,000 shares of common stock which expired during the year ended November 30, 2019 (2019: $Nil).
The Company expensed $8,333 for royalties due to Buys during the year ended November 30, 2019. The Company also recorded stock-based compensation expense of $16,909 and $10,568 during the year ended November 30, 2019 and 2018, respectively, related to stock options granted to him in 2018 to acquire 1,500,000 shares of common stock.
The Company leased office premises at Wakefield, Massachusetts for rent, utilities and maintenance charge of approximately $2,090 per month from a corporation owned and controlled by Bryan Ganz ("Ganz"), President and, effective April 1, 2019, Chief Executive Officer ("CEO") of the Company. The Company expensed approximately $23,600 and $12,939 for these items for the years ended November 30, 2019 and 2018, respectively.
Current directors and officers of the Company participated in the April 22, 2019, May 20, 2019 and July 22, 2019 financing for 316 units for total proceeds of $315,588, of which $95,000 was issued to officers for services rendered. Directors and officers of the Company participated in the October 2018 financing for total proceeds of $100,000 of units.
The Company issued 1,744,937 and 2,296,100 shares of common stock for $272,339 and $330,908, respectively, for services to its directors and management during the years ended November 30, 2019 and 2018.
The Company's payables due to related parties were $Nil and $137,380 as of November 31, 2019 and 2018, respectively.
The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef