10Q questions to Scherba never answered.Please explain this to me , how much was Kirk getting paid you gave him $200k and $400K last 10k "That was owed him '? now $50,000 was written off that was owed by" Related parties " who the hell are they ??????? That's Shareholders money that was squandered !!! I want an answer !!!!!!!!!!!! A decrease of approximately $350,000 resulted from the expensing of the entire amount due to our former CEO in the prior period. We wrote off approximately $50,000 in loans due from related parties. RESULTS OF OPERATIONS We have had no operating revenues from inception on March 1, 2004 to the year ended June 30, 2015. Our activities have been financed from the proceeds of securities subscriptions. The following are explanations for the material fluctuations/disparities during the year ended June 30, 2015 when compared to the year ended June 30, 2014: Amounts spent on mineral properties totalled $4,551,286 (June 30, 2014: $7,343,541), which represents a decrease of $2,792,255. $2.9 million was spent on the Madagascar Molo Graphite Project primarily on work required to complete our companys feasibility study, authored by DRA Minerals - our EPCM. $1.7 million was spent on the Sagar Property on a drill program to satisfy our Canadian tax agency flow-through share commitment. Going forward, we do not anticipate spending significant amounts of money on the Sagar property. Professional fees totalled $629,817, down $1,135,952 from the year ended June 30, 2014 total of $1,765,769. This represents a 64% decrease in costs between periods. Significant decreases in amounts between periods are as follows: A decrease of approximately $350,000 resulted from the expensing of the entire amount due to our former CEO in the prior period. o An approximate $255,000 decrease in legal fees as a result of less corporate activity requiring legal counsel as compared to the prior period. o A $480,000 decrease in employees compensation during the period. General and administrative costs relate to costs associated with running the Toronto office and the Madagascar operations, cost for travel, investor relations and promotion fees and TSX fees. These costs decreased by $494,558 between periods (June 30, 2015: $863,124 and June 30, 2014: $1,357,682). This represents a 36% decrease between periods. Significant decreases in amounts between periods are as follows: o Travel costs were approximately $170,000 lower. In the prior period, significant travel occurred to the Far East and Europe to meet with potential off-take partners. While management travelled to these locals again during the current period, the frequency was less when compare to the prior period. o Promotion expenses were $135,000 lower as fewer initiatives were pursued due to limited cash resources and the focus on competing the feasibility study. o General office costs, rental charges and filings fees were $100,000 lower o We wrote off approximately $50,000 in loans due from related parties. Stock-based compensation decreased by $54,155 (June 30, 2015: 627,264 and June 30, 2014: $681,419). This expense is the Black-Scholes theoretical cost to issue stock options. Depreciation increased from by $3,426 (June 30, 2015: $47,872, June 30, 2014: $44,446). This small increase is due to the increase in fixed assets during the year. Foreign currency translation was in a loss position for the year ended June 30, 2015 totalling $208,194 and in a loss position during the year ending June 30, 2014 of $60,076. This item arises due to the fluctuations in foreign currency exchange rates at the time that transactions occur in a currency other than our functional currency of US dollars and due to the revaluation of balance sheet items from foreign currencies into US dollars as of the date of the balance sheet, namely June 30, 2015. During the current period ended, the U.S. dollar continued materially to strengthened relative to the Canadian dollar (a 16% increase) and other currencies that the Company transacts in resulting in a foreign currency loss. Investment income decreased by $85,981 from $96,092 for the year ended June 30, 2014 to $10,111 for the year ended June 30, 2015. Returns on our passive investments were the reason for this decrease. These amount relate to returns on our passive investments and interest income on cash balances. The warrant liability reduced for the year ended June 30, 2015 by $985,300 from $1,830,151 for the year ended June 30, 2014 to $844,851 for the year ended June 30, 2015. Certain warrants that are currently issued by our company are considered derivative instruments as they were issued in Canadian Dollars, a currency other than our company's functional currency of the US dollar. The estimated fair value of warrants accounted for as liabilities was determined on as of June 30, 2015 and are marked to market at each financial reporting period. The change in fair value of the warrant liability is recorded in the consolidated statements of operations and comprehensive loss as a gain or loss and estimated using the Binomial model.