Wow. The company loses money, people lose thier jobs and those staying work even harder - Meanshile, guess who is raiding the bank account? What a shameful farce. What value did shareholders get in the past quarter for all these extrodinary payments? How has the board or management earned these amounts?
$294,628 to the law firm a director (Rosser) is partner of.
$187,500 to Jim Barker's #'d company
$128,000 of fees/ expenses paid to directors
$116,000 salary paid to directors
Straight from the Aug 13 MD&A :
The following includes details of payments to the directors during the period ended June 30, 2013:
(a) Legal fees of $294,628 (2012 – $162,000) were incurred for corporate matters with a law firm of which a director, Mr. William Rosser, is a partner. $51,488 (2012 - $10,397) is included in accounts payable.
(b) Management consulting fees of $187,500 (2012 - $187,761) were paid to a company, 371070 Alberta Ltd., over which an officer and director, Mr. James Barker, has significant influence.
(c) The Company incurred directors’ fees and expenses, including grants of stock options and/or DSUs, of $128,450 (2012-$101,250). A total of $116,000 (2012- $65,607) was paid during the period to four (2012 – four) independent directors, namely: Dr.
Kenneth Harrison, Mr. Daryl Kruper, Mr. Alan Martin, and, Mr. Richard Smith.
In management’s opinion, these transactions are all in the normal course of operations and are recorded at the exchange value, which was the amount of consideration established and agreed to by the related parties