Quarterly report pursuant to Section 13 or 15(d)

Related Party Transactions

v3.6.0.2
Related Party Transactions
9 Months Ended
Sep. 30, 2016
Notes to Financial Statements  
Note 4. 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, 2016, the balance owed by Tanager to the Company is $153,877, which is shown as other receivable – related party on the balance sheet.

 

During the nine months ended September 30, 2016, the Company’s Executive Chairman and Director, Tom Simeo did not accrue payroll and made no advances to the Company. The Company paid a total of $1,056 against prior advances. Any accruals and advances do not bear interest, are unsecured and have no specific terms of repayment. As of September 30, 2016, the net amount due for prior accruals and expenses paid on behalf of the Company is $36,385. The Company has not imputed interest as the amount is deemed immaterial.

 

During the nine months ended September 30, 2016, the Company’s CEO and Director, James Doris incurred expenses on behalf of, and made advances to the Company in the amount of $197,280 in order to provide the Company with funds to carry on its operations, and the Company made repayments of $55,000. These advances do not bear interest, are unsecured and have no specific terms of repayment. As of September 30, 2016, the amount due for expenses paid on behalf of the Company is $253,277. The Company has not imputed interest as the amount is deemed immaterial. Additionally, Mr. Doris made several loans to the Company totaling $466,836, all accruing interest at 12%, and payable on demand. As of September 30, 2016, the total amount due to Mr. Doris for advances and expenses paid on behalf of the Company and loans is $720,112. Accrued interest of $53,931 is included in other payables at September 30, 2016.