Southern Arc Minerals Inc V.SA.H

2013 was a boom year for management fees up until June 2013

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First was management fees $ 825,000.00
Second was office and misc. $ 674,000.00

Living high on the hog while there is cash in the bank.

Income Statement as of Jun. 30 (Thou. CANADIAN DOLLAR)
 

                                                 2013 2012

EXPENSES

Office and miscellaneous         674 1,613

Share-based compensation     343 1,038

Management fees                    825,000 614

Professional fees                     392 553

Foreign exchange (gain) loss (82) (355)

Travel                                       86 188

Investor relations                     68 184

Rent                                       101 104

Transfer agent and filing fees 58 88

Consulting fees                      73

General exploration              104

Property, plant and equipment write-down 51

Depreciation                           30 29

Exploration properties written-off 36,180

OTHER ITEMS

Interest income 176 278

Remeasurement of assets held for sale (3,291)

Impairment on other investment 103

Loss on equity investment 52

Impairment on equity investment 306

Net income (41,945) (4,312)

Basic and Diluted EPS (0.38) (0.04)