Financials out..yikes! Burn continues Curent assets plunge $1.39 Million. Cash drops $867m
Accounts payable and due to related parties grow.
Where is all the money going? SImple:
For 9 months ended Sept 30: Exploration cost $27k
Admin and General Costs $1.8m!!
Somone is making lots of money and it ain't the shareholders!
Shocked they stil pay directors fees - super rare for a company at this mkt cap and project level.
incurred management fees of $55,732 and $186,081 (September 30, 2015- $67,333 and $265,639). Management fees are paid to a corporation owned by the President of the Company for the services of the President, travel costs and support staff. During the nine months ended September 30, 2016, the amount payable to the corporation was $107,000 which formed part of the due to related parties in the statement of financial position (December 31, 2015 – $6,567). Effective February 1, 2016, payment of management fees related to services of the President have been deferred as the Company is actively working to conserve cash. During the three and nine months ended September 30, 2016, the Company incurred directors’ fees of $43,750 and $150,250 (September 30, 2015- $43,750 and $154,625). At September 30, 2016, the fees payable to directors were $150,250 which formed part of the due to related parties in the statement of financial position (December 31, 2015 – $49,750).
Effective January 1, 2016, payment of directors’ fees has been deferred as the Company is actively working to conserve cash. During the three and nine months ended September 30, 2016, the Company incurred $37,761 and $113,997 (September 30, 2015- $70,069 and $195,168), to a corporation controlled by a director and officer of TVIRD for administrative expenses. The Company owed the corporation $9,205 at September 30, 2016 which formed part of the due to related parties in the statement of financial position (December 31, 2015 – $19,573).