FinancialsI always like to look at the related party transactions to see who is living high on the hog at the expense of shareholders.
10. RELATED PARTY BALANCES AND TRANSACTIONS All transactions with related parties have occurred in the normal course of operations and on terms and conditions that are similar to those of transactions with unrelated parties and are measured at the amount of consideration paid or received. A summary of the Company’s related party transactions with corporations having similar directors and officers, being Goldspot Discoveries Inc. is as follows: Three months ended March 31, 2022 $ 2021 $ Amounts paid to Goldspot Discoveries Inc. (i) for administration, exploration and evaluation (178,242) (99,340) Options exercised by members of key management - 50,000 (i) Goldspot Discoveries Inc. is a related entity having the following common director and officer to the Company: Denis Laviolette, Director and President. As at March 31, 2022, $133,642 is included in accounts payable and accrued liabilities for amounts owed to Goldspot Discoveries Inc. (December 31, 2021 - $225,619). There are no ongoing contractual commitments resulting from these transactions with related parties. Key management personnel compensation Key management personnel include those persons having authority and responsibility for planning, directing and controlling the activities of the Company as a whole. The Company has determined that key management personnel consist of executive and non-executive members of the Company’s Board of Directors and corporate officers, or companies owned or controlled by them. Salaries and Consulting $ Three months ended March 31, 2022 $ Salaries and Consulting $ Three months ended March 31, 2021 $ Executive Chairman 90,000 90,000 75,000 75,000 Chief Executive Officer (i) 90,000 90,000 75,000 75,000 President 63,000 63,000 52,500 52,500 Chief Financial Officer 27,000 27,000 13,500 13,500 Chief Operating Officer 58,500 58,500 48,750 48,750 Non-executive directors 24,000 24,000 12,000 12,000 Total 352,500 352,500 276,750 276,750 (i) Resigned subsequent to March 31, 2022. As at March 31, 2022, $58,500 is included in accounts payable and accrued liabilities payable to key management personnel in respect of key management compensation (December 31, 2021 - $Nil). Under the terms of their management agreements, certain officers of the Company are entitled to 18 months of base pay in the event of their agreements being terminated without cause.
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