The company, which was set up in 2015 by former BBC executives Julie Gardner and Jane Tranter and is based in south Wales and Los Angeles, is currently working on two pf the projects series, A Discovery Of Witches and His Dark Materials.
Accounts for July 2015 to December 2016 show the Welsh Government gave the firm a loan worth just under £4m.
The documents says that Ms Tranter received £855,417 while Ms Gardner was given £519,301. A third director, Miles Ketley, received £441,539. He resigned from the company in March 2017.
Part of Ms Tranter's pay - £300,000 - was earmarked for relocation expenses. She was also given a loan of £270,645. At the end of 2016 £186,861 of the loan was still owing.
The accounts state that the firm achieved a turnover of £1.8m and a gross profit of £519,941, but after administrative expenses of £3.7m it made a loss of £3.1m.
"That the three directors are collectively paying themselves an annual income equivalent to nearly half of loan's value is also a cause for concern - especially given that their projects are still in the inchoate stages and are yet to make a return," she said.
"The Welsh Government's less-than-stellar record on investment decisions has been well-publicised, and taxpayers will rightly be questioning how ministers have found themselves in this position yet again - especially in a sector where Wales is working hard to promote a strong international offer."
I don't know what the sought of remunerations people in a similar role are but obviously until the productions start receiving advertising revenue , they are going to take a while before they move in to profit.
In the meantime people have to get paid and much as we may deplore the size of their earnings unless we have comparisons in the film industries are the Tories really in a position to criticize?
Northern Ireland's economy has been boosted by the Blockbuster series Game of Thrones with numerous locations being used .
To what extent Bad Wolf will use Welsh Locations remains to be seen.
Hopefully it would be extensive but lets hope it will also see Welsh storylines included in the future.