RE:RE:RE:As Expected...Financials have been posted on Sedar... Section 11 is the one who's pissing me off each time!!! Seeing those amounts paid to the Management for bad and or no results year after year is soooooooooooo frustrating!!!
11. RELATED PARTY TRANSACTIONS (continued)
During the nine-month period ended March 31, 2014, the Corporation paid rental of equipment (core shack and
wharehouse) of $48,000 ($48,000 in 2013) and rental of office and equipment expenses of $13,500 ($13,500 in
2013) to companies controlled by a director of the Corporation.
These transactions, entered into the normal course of operations, are measured at the exchange amount which is
the amount of consideration established and agreed to by the related parties.
11.1 Transactions with the Executive Officer
During the nine-month period ended March 31, 2014, the Corporation paid professional fees :
- of $90,000 ($90,000 in 2013), to a company controlled by the chief financial officer of the Corporation;
- of $54,000 ($90,000 in 2013), to a company controlled by the president and chief executive officer until September 2013 and thereafter chairman of the board; and
- of $84,000 ($0 in 2013) to the president and chief executive officer of the Corporation since September 2013.
Also, during the nine-month period, professional fees of $15,000 ($10,000 in 2013) have been incurred by the
corporate secretary.