Year End Financials - where did the cash go?Administrative and general costs $2,196,734
From year to year - Cash down over $1m
Accounts payable - UP
$ due to 'related parties" - UP
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. At December 31, 2016, the amount payable to the corporation was $147,125 which formed part of the due to related parties
At December 31, 2016, the Company incurred directors’ fees of $198,000
At December 31, 2016, the Company incurred $175,203 (December 31, 2015- $262,967), to a corporation controlled by a director and officer of TVIRD for administrative expenses