Related Party Transactions

3 Months Ended

Sep. 30, 2015

Related Party Transactions [Abstract]

Related Party Transactions

Note 7. Related Party Transactions

The Company’s expenses includes allocations from PGSC of costs associated with administrative support functions which included executive management, information systems, finance, legal, accounting and certain other administrative functions and stock-based compensation.  Allocated stock-based compensation includes equity awards granted to employees of the Company as well as allocated stock-based compensation expense associated with PGSC employees that provided administrative support to the Company.  For the three month period ended September 30, 2015 and 2014, the Company’s allocated expenses from PGSC were as follows:

	Period Ended		Period Ended
	2015		2014
Allocated expenses included in:
Exploration	$	-	$	3,700
Professional fees		-		49,217
Directors compensation		-		15,218
Total	$	-	$	68,135

As discussed in Note 1, the Company believes the assumptions and methodologies underlying the allocation of administrative expenses and stock-based compensation are reasonable.  However, such expenses may not be indicative of the actual expenses that would have been incurred by the Company as a stand-alone company.  As such, the financial information herein may not necessarily reflect the consolidated financial position, results of operation, and cash flows of the Company in the future or if the Company had been a stand-alone entity during the comparative presented period ended September 30, 2014.

During the three month period ended September 30, 2015, directors were paid or accrued $19,718 (2014- $8,477) for their services as directors of the Company’s Board.  During the three month period ended September 30, 2015, the Company also recorded a non-cash transaction to recognize stock based compensation for directors in the amount of $31,548 (2014 - $2,245).  Prepaid expense include $19,717 (2014 - $nil) for retainers paid to directors.

All transactions with related parties are made in the normal course of operations and are measured at exchange value.