RE: RE: FMS is not cash cow, actually cash eater. $1,734.063 in management compensation for the three months Oct-Dec. 2011:
RELATED PARTY TRANSACTIONS
Administrative fees
Under a cost sharing agreement between the Company and Everton Resources (“Everton”) (which shares common management), Focus reimburses the cost of the Company’s portion of shared salaries and benefits and office expenses paid by Everton. During the three months ended December 31, 2011, the cost of shared salaries and benefits was $27,111 (2010 - $17,010) and office expenses was $14,364 (2010 - $6,990). Included in amount due to related party is $26,000 ($31,317 as at September 30, 2011, $Nil as at October 1, 2010). During the three months ended December 31, 2011, the Company prepaid an amount of $45,200 to JAG Sky Inc., a private company wholly-owned by an Officer and Director of Focus, for air travel to be used in the near future.
Focus Metals Inc
(An exploration stage Company)
Notes to the Condensed Consolidated Interim Financial Statements (Unaudited)
(Expressed in Canadian dollars)
Key management compensation
The following table reflects compensation of key management personnel, including the CEO, CFO and Directors: 2011 2010 $ $
Salaries (including bonuses) (1) 671,250 19,500
Benefits 1,215 - 0
Share-based compensation 1,061,598 - 1,734,063 19,500
Three months ended December 31
(1) Includes director’s fees presented as Management and consulting fees in the consolidated statements of comprehensive loss.
16. COMMITMENTS
The Company has committed to provide funding to Grafoid Inc. in the amount of $1,500,000, subject to
regulatory approval. As at December 31, 2011, Focus has made payments totaling $301,579 and has a
remaining commitment of $1,198,421.