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Related Party Transactions
 12 Months Ended
Dec. 31, 2016
Notes to Financial Statements  
11. Related Party Transactions

The Company has no employees.  Mr. Albert E. Whitehead, the Company's Chairman and Chief Executive Officer until January 20, 2015, devoted a considerable amount of time to the affairs of the Company and received no compensation.  On January 21, 2015, J. C. Whorton Jr. was appointed as the Company's Chief Executive Officer and Michael R. Morrisett was appointed as the Company's President.  On December 22, 2016, J. C. Whorton, Jr. resigned as the Chairman of the Board of Directors and Chief Executive Officer of the Corporation.  During 2015, Messrs. Whorton and Morrisett each received $6,000 as partial compensation for services provided to the Company.  The fair value of these services in excess of compensation paid is estimated by management and is recognized as a capital contribution.  For each of the years ended December 31, 2015 and 2016, the Company recorded $50,000 as a contribution by its executive officers.

 

During 2015, the Company also paid or accrued $2,000 for rent to a company in which Mr. Whorton also served as an officer.