Related Party Transactions
|9 Months Ended|
Sep. 30, 2018
|Notes to Financial Statements|
|Note 5 - Related Party Transactions||
During April 2015, the Company made an advance to Tanager Energy Inc., in conjunction with a joint investment in the second oil well of the Joffre Project. As of September 30, 2018, the Company has terminated its joint venture interest and resolved all related balances associated with its relationship with Tanager Energy, Inc. for a payment to the Company of $232,545, which is shown as Other receivable on the consolidated balance sheet.
During the nine months ended September 30, 2018, the Company’s CEO and Director, James Doris, incurred expenses on behalf of, and made advances to the Company in the amount of $622,993 in order to provide the Company with funds to carry on its operations, and the Company made repayments of $953,573. These advances do not bear interest, are unsecured and have no specific terms of repayment. As of September 30, 2018, the amount due to Mr. Doris for advances and expenses paid on behalf of the Company is $0. Additionally, Mr. Doris made several loans to the Company totaling $862,390, of which $359,335 was paid back during the nine months ended September 30, 2018. These loans all accrue interest at 12%, and are payable on demand. As of September 30, 2018, the total amount due to Mr. Doris for these loans is $503,055. Accrued interest of $83,340 is included in accrued expenses and other current liabilities at September 30, 2018.
The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef