where I like to rely on verifiable fact-based due diligence, and you like to rely on banter from the good ole boys club dd, but in the event you ever want to actually refer to audited corporate disclosure, here is some reading material for you.
When the corporations reported significant highlights for 2023 are financings, is there really anything else that needs to be said?
Btw, even though the compensation structure is now more complicated than it needs to be, I highlighted a comment for you that should bring you the warm and fuzzies… As I have said several times, kudos to the execs for their financial contributions.............
Your welcome
Outstanding shares: Balance, December 31, 2015 169,941,205
Balance, December 31, 2023 449,748,164
a) During the year ended December 31, 2016, compensation, salaries and benefits of $780,000, (year ended December 31, 2015 - $360,000) were paid to a director and officers of the Company or related companies controlled by the director and officers of the Company. They were included in general and administrative expenses and exploration and evaluation assets. b) During the year ended December 31, 2016, share-based payments of $230,807 were rewarded to a director and officers of the Company (year ended December 31, 2015 - $nil).
16. Related party balances and transactions (continued) (a) The Company entered into the following transactions with related parties: Year Ended December 31, 2023
Michael Ferguson (i)(v) $ 125,000
FCON Consulting (i)(v) $175,000
Alton Anderson (ii)(v) $250,000
Rob Theoret (iii)(v) $200,000
101188810 Saskatchewan Ltd (iv)(v) $200,000
(a) Transactions with related parties (continued):
i) Compensation to the Chief Executive Officer ("CEO"). FCON Consulting (controlled by CEO). For the year ended December 31, 2023 – 21% is included in development properties and 79% in administrative expenses.
ii) Compensation to the Chief Financial Officer. For the year ended December 31, 2023 – 17% is included in development properties and 83% general and administrative expenses.
iii) Compensation to the VP Finance and Business Development. For the year ended December 31, 2023, 7% is included in development properties and 93% in administrative expenses (year ended December 31, 2022 – 73% is included in development properties and 27% in administrative expenses).
iv) Compensation to the VP, Corporate Services. 101188810 Saskatchewan Ltd. (controlled by VP, Corporate Services). For the year ended December 31, 2023, 98% is included in general and administrative expenses and 2% is included in development properties (year ended December 31, 2022 – 22% in development properties and 78% is included in administrative expenses).
v) Included in amounts payable and other liabilities was $597,865 (December 31, 2022 - $966) owed to related parties for deferred payment of consulting fees and expenses.
(b) Remuneration of directors and key management personnel, other than remuneration as disclosed above, of the Company was as follows:
Year Ended December 31, 2023 2022 Stock-based compensation (i) (ii) $ 1,430,851 $ - (i) On May 8, 2023, the Company granted 1,000,000 stock options to a director with an exercise price of $0.125 per share, with a maturity date of 5 years and these options vested immediately. The Company recorded an expense of $70,500.
(ii) On June 2, 2023, the Company granted 14,900,000 stock options to directors and officers with an exercise price of $0.125 per share, with a maturity date of 5 years and these options vested immediately. The Company recorded an expense of $1,360,351.
(iii) In October 2021, directors and officers of the Company purchased $1,985,000 of Convertible Debentures (note 10). During the year ended December 31, 2023, the Company expensed $99,250 in accretion on the convertible debentures (year ended December 31, 2022 - $99,255).
The following is a recap of significant events in 2023: - On January 27, 2023, the Company closed the second and final closing of the non-brokered private placement. The Company issued 11,969,998 Units for aggregate gross proceeds of $1,795,499.70. Each Unit consists of one common share in the capital stock of the Company (a “Common Share”) and one Common Share purchase warrant of the Company (a “Warrant”). Each whole Warrant is exercisable for one Common Share (a “Warrant Share”) at an exercise price of $0.30 per Warrant Share for a period of 24 months following the date of issuance.
- On May 29, 2023, the Company completed a non-brokered private placement offering of Units at a price of $0.15 per unit. At the closing, the Company issued 6,118,583 units for aggregate gross proceeds of $917,787.45. Each Unit consists of one common share in the capital stock of the Company (a “Common Share”) and one Common Share purchase warrant of the Company (a “Warrant”). Each whole Warrant is exercisable for one Common Share (a “Warrant Share”) at an exercise price of $0.30 per Warrant Share for a period of 24 months following the date of issuance.
- On October 2, 2023, the Company completed a non-brokered private placement offering of Units at a price of $0.15 per unit. At the closing the Company issued 4,763,588 units for aggregate gross proceeds of $729,538. Each Unit consists of one common share in the capital stock of the Company (a “Common Share”) and one Common Share purchase warrant of the Company (a “Warrant”). Each Warrant will be exercisable for one Common Share (a “Warrant Share”) at an exercise price of $0.30 per Warrant Share for a period of 24 months following the date of issuance.
- The Company had cash of $409,488 as at December 31, 2023 compared to $973,520 at September 30, 2023 and $337,831 at December 31, 2022.
https://gensourcepotash.ca/wp-content/uploads/2024/04/YE-2023-GSP-FS-signed.pdf