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Related Party Transactions
 12 Months Ended
Dec. 31, 2014
Notes to Financial Statements  
9. Related Party Transactions

During 2014 and 2013, the Whitehead Trust advanced loans to the Company in the following transactions:

·                     During 2014, the Whitehead Trust advanced the Company $101,720

·                     As of December 31, 2013, the Whitehead Trust loaned the Company $91,580 in exchange for the issuance of a promissory note, which accrued interest at an annual rate of four percent.

 

On December 30, 2014 the Company exchanged its leasehold interests in the Gabbs Valley Prospect to Mr. Whitehead in exchange for the debt owed to the Whitehead Trust. At the date of the exchange, the Company’s interest in the Gabbs Valley Prospect was recorded at $191,715. The Company also transferred its related receivables for a partner’s portion of lease rentals of $14,007 and the office lease deposit of $2,200. The debt owed to the Whitehead Trust was recorded at $193,300 plus interest due of $3,151.