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Equity Method Investments and Joint Ventures Disclosure
9 Months Ended
Sep. 30, 2016
Notes  
Equity Method Investments and Joint Ventures Disclosure

13.  Acquisition of GF&H Company

 

In the third quarter of 2016 the Company purchased the remaining one third of the outstanding shares in GF&H Company. The transaction was completed in August 2016 and GF&H Company was subsequently dissolved. The Company paid the outstanding shareholders of GF&H Company $27,341 in cash and 175,760 shares of the Company’s restricted stock valued at $0.15 per share ($26,364) for a total consideration of $53,705. On the date of the acquisition, the non-controlling interest had a basis of $85,547 resulting in a gain of $30,842 which was been recognized as an addition to equity. The Company purchased the outstanding shares of GF&H Company to consolidate the Company’s land holdings in the area of the Golden Chest property and provide additional opportunities timber revenue and mineral exploration.