Related Party Transactions

9 Months Ended

Mar. 31, 2016

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 and nine month period ended March 31, 2016 and 2015, the Company’s allocated expenses from PGSC were as follows:

	Three Month Period Ended		Nine Month Period Ended		Three Month Period Ended		Nine Month Period Ended
	2016		2016		2015		2015
Allocated expenses included in:
Exploration	$	—	$	—	$	3,700	$	11,100
Salaries and Professional fees		—		—		149,626		197,738
Directors compensation		—		—		14,067		31,060
Total	$	—	$	—	$	167,393	$	239,898

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 March 31, 2015.

During the three and nine month period ended March 31, 2016, directors were paid or accrued $17,329 and $63,681 respectively (2015- $14,067 and $27,848) for their services as directors of the Company’s Board.  During the three and nine month period ended March 31, 2016, the Company also recorded stock based compensation for directors for previously awarded stock options that have not vested in the amount of $31,206 and $94,302 respectively (2015 - $ - and $3,212 ).  

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