Related party transactions compensation increasedKey management of the Company are directors and officers of the Company and their remuneration includes the following:
| | Years ended | | Jan 31st | | |
| | | | 2020 | | | 2019 |
| | | | | | | |
| Directors’ fees | | $7,500 | | | $7,500 |
| | | | | | | |
| Professional fees | | $30,000 | | | $30,000 |
| | | | | | | |
| Share-based payments | $195,723 | | | $89,118 |
| | | | | | | |
| | | | $233,223 | | | $126,618 |
Related party balances At January 31, 2020, accounts payable and accrued liabilities include $27,978 (January 31, 2019: $18,055) payable to three directors and a former director of the Company, a public company with common directors, and a private company controlled by an officer for unpaid fees. These amounts are unsecured, non-interest bearing and payable on demand.