RE:Aug 30 MD&ATRANSACTIONS WITH RELATED PARTIES
During the period ended June 30, 2019, the Company paid $Nil (June 30, 2018 - $Nil) of salary to directors of the Company. As of June 30, 2019, $90,166 (September 30, 2018 - $60,866) was owing to directors.
During the period ended June 30, 2019, the Company paid $27,000 (June 30, 2018 - $27,000) of salary to the CEO of the Company. As of June 30, 2019, $49,676 (September 30, 2018 - $Nil) was owing to the CEO.
During the period ended June 30, 2019, the Company paid $22,500 (June 30, 2018 - $22,500) of salary to the CFO of the Company. As of June 30, 2019, $146 (September 30, 2018 - $Nil) was owing by the CFO for discrepancies on reimbursement of expenses.
During the period ended June 30, 2019, the Company paid $Nil (June 30, 2018 - $Nil) of salaries to close family members of a director and officer of the Company. As of June 30, 2019, $12,729 (September 30, 2018 - $12,582) was owing to close family members.
Key Management Compensation Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the Company, directly or indirectly. Key management personnel include the Company’s executive officers and Board of Director members. Other than the transactions disclosed above, there were no other compensation paid to key management during the period ended June 30, 2019 or 2018.
LIQUIDITY AND CAPITAL RESOURCES
The financial statements have been prepared on a going concern basis which assumes that the Company will be able realize its assets and discharge its liabilities in the normal course of business for the foreseeable future. The continuing operations of the Company are dependent upon its ability to continue to raise adequate financing and to commence profitable operations in the future. Net cash used in operating activities for the period was $28,230. This amount consists of a net operating loss of $154,265, amortization of $286, increase of taxes recoverable of $234, increase in due to related parties of $59,205, and increase in accounts payable and accrued liabilities of $66,310. During the prior year, net cash used in operating activities was $150,775. Net cash provided by investing activities for the period was $8,221 consisted of exploration and evaluation expenditure. Net cash provided by investing activities last year amounted to $150 consisted of reclamation bond, and exploration and evaluation expenditure. There was no net cash used in financing activities during the period ended June 30, 2019 or 2018.