GREY:FIORF - Post by User
Post by
tankingfrankon Sep 11, 2017 7:56pm
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Post# 26682528
related party ( $475,478.80 commission)
related party ( $475,478.80 commission) Can you also maybe explain the 475K commission in Q1. is that even legal..
i) Consulting Services
On January 30, 2014, the Company entered into a consulting agreement with a company controlled by the shareholder for consulting services. The consulting agreement terminated December 31, 2016 and no further consulting fees were paid. The Company paid $90,000 for the three months ended June 30, 2016. On April 1, 2017, the Company entered into a one-time consulting arrangement with a company related to the shareholder for consulting services whereby the Company paid $30,000.
ii) Commissions Paid
On May 26, 2017, the Company paid a company controlled by the shareholder for brokering a deal for the purchase of two properties located in California. A commission amount of $475,478.80 (US$353,437) was paid on May 26, 2017 and recorded as commission fees.