MGMT car allowance..? Because they care about shareholders!Can't even make this stuff up.....
Related Party Transactions During the six months ended December 31, 2014, we accrued management fees of $90,000 payable to a director and a company controlled by a director with respect to unpaid management fees.
There are no management agreements in place and our company has no contractual requirement to continue paying management fees. Management fees, directors’ fees and share-based payments are intended to compensate such persons for their time and dedication to our company.
During the six months ended December 31, 2014, we had incurred $4,800 payable to a director with respect to car allowance payments.
During the six months ended December 31, 2014, our company incurred share-based payments of $25,088 to two directors, a company controlled by a director and an officer. As a mineral exploration issuer, our company partially relies on the issuance of stock options to compensate our directors and officers for their time and dedication to our company.
During the six months ended December 31, 2014, our company paid $44,000 to an officer in consideration for accounting services provided to our company. Such payments were made in lieu of management fees to our Chief Financial Officer. This is the gross amount paid to the officer prior to charge-backs from other companies. At December 31, 2014, accounts payable and accrued liabilities include $258,118 (June 30, 2014: $345,474) payable to a former director, a private company controlled by one director, and three directors for unpaid fees.
These amounts are unsecured, non-interest bearing and payable on demand. Accounts payable and accrued liabilities as at December 31, 2014 are comprised of the following: $227,925 payable to two directors and to a company controlled by a director for unpaid management fees from August 2013 to December 2014; $9,852 payable to two directors for unpaid directors fees accrued during fiscal 2012 and 2014; $9,678 payable to a former director for unpaid directors fees accrued during fiscal 2010, less applicable CPP contributions; $10,400 payable to a director for unpaid car allowance for December 2013 to December 2014; and $263 payable to a private company controlled by a director for reimbursement of office expenses.
As at December 31, 2014, receivables include $123,268 (June 30, 2014: $135,645) due from public companies with common directors for recoverable accounting, rent, office and administrative expenses as follows: $3,075 due from Turbo Capital Inc. (formerly Brookemont Capital Inc.) for reimbursement of accounting fees; $52,990 due from Sienna Resources Inc. for reimbursement of rent, administrative and accounting fees, offset in part by our company’s share of office expenses payable to Sienna Resources Inc. of $2,648; $36,335 due from Spearmint Resources Inc. for reimbursement of rent, administrative and accounting fees; $2,392 due from TAD Mineral Exploration Inc. for reimbursement of accounting fees; and $31,124 due from Apple Capital Inc. (formerly Terra Firma Resources Inc.) for reimbursement of accounting and administrative fees, all public companies with some common directors.
During the six months ended December 31, 2014, other income of $30,000 (six months ended December 31, 2013: $30,000) was for reimbursement of accounting overhead to our company from public companies with common directors as follows: $6,000 from Turbo Capital; $6,000 from Sienna Makena Resources Inc. for the six months ended December 31, 2014 – Page 13 Resources; $6,000 from Spearmint Resources; $6,000 from TAD Mineral Exploration; and $6,000 from Apple Capital. Amounts paid to our directors and officers were measured by the exchange amount, which is the amount agreement upon by our company and the particular insider.