RE: RE: Red Flag Here are your related party expenses TscamWow
Stop lying to everyone and trying to give them a false sense of security in this sinking ship.
I stande by my comment that these related party expenses are a huge red flag.
____________________________________________________
The Company incurred the following fees and expenses in the normal course of operations in connection with the
following related parties:
Nature of
transactions
Year ended
December 31,
2012
Year ended
December 31,
2011
Key management personnel:
CEO and Director of the Company Management $ 180,000 $ 180,000
Former President and Director of the Company i) Geological 419,834 237,716
A company controlled by the Former President and Director
of the Company Consulting - 252,500
A company controlled by the CFO and Director of the Company Management 60,000 85,000
Chairperson of the Company Management 181,322 180,655
Directors and Officers of the Company Share-based payments 465,265 2,515,010
Total $ 1,306,421 $ 3,450,881
Related parties:
A firm where the CFO and Director of the Company is a partner Professional $ 139,900 $ 258,490
A company controlled by the CEO and Director of the Company Rent and admin 107,297 29,467
Total $ 247,197 $ 287,957
i) Compensation for the year ended December 31, 2012 also includes reimbursement of life insurance policy. There were no post employment
benefits, termination benefits, or other long-term employment benefits paid to the key management personnel in either 2012 or 2011.
The amounts due to related parties included in accounts payable and accrued liabilities are as follows:
December 31,
2012
December 31,
2011
Due to a firm where the CFO and Director of the Company is a partner $ 195,128 $ 85,093
Due to the CEO and Director of the Company 16,800 -
Due to the former President and Director of the Company 49,741 252,500
Due to a company controlled by the CFO and Director of the Company 6,247 -
Due to the Chairperson of the Company 75,000 -
$ 342,916 $ 337,593