XML 26 R15.htm IDEA: XBRL DOCUMENT v3.21.2
Related Party Transactions
 9 Months Ended
Sep. 30, 2021
Related Party Transactions  
9. Related Party Transactions

9.

Related Party Transactions

 

 

 

The Company’s previous President and Chairman, John Lawrence, rented equipment to the Company and charged the Company for lodging and meals provided to consultants, customers and other parties by an entity that Mr. Lawrence owned. The amount due to Mr. Lawrence’s estate as of September 30, 2021 and December 31, 2020 was $nil and $171,017. During the nine months ended September 30, 2021, the Company paid off the full amount of $171,017 to John Lawrence’s estate for reimbursement of these expenses.

 

During 2019, Mr. Lawrence advanced funds to the Company that had a balance at December 31, 2020 of $56,215. During the nine month period ended September 30, 2021, the Company paid First Security Bank on behalf of Mr. Lawrence $56,215. The balance of the advances due to Mr. Lawrence at September 30, 2021 is $nil.

 

John C. Gustavsen, Interim CEO of the Company, has an advance due from the Company of $200 at December 31, 2020. During the nine month period ended September 30, 2021, the Company paid $200 to Mr. Gustavsen as reimbursement on these advances.

 

During the nine months ended September 30, 2021, Russ Lawrence, Interim President & Director, incurred expenses of $18,487 and charged the Company for lodging and meals provided to visiting Board of Directors by an entity that Russ Lawrence owns. During the nine month period ended September 30, 2021, the Company paid Russ Lawrence $17,740, leaving a balance due of $747 which is included in accounts payable on the balance sheet.