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BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies)
 3 Months Ended
Mar. 31, 2017
Basis Of Presentation And Significant Accounting Policies Policies  
Compensation of Officers and Employees

As of  March 31, 2017, the Company had no employees. Until December 22, 2016, J.C. Whorton served as the Company's Chief Executive Officer and Michael R. Morrisett was appointed as the Company's President. On December 22, 2016, Mr. Whorton resigned his position as Chief Executive Officer at which time Mr. Morrisett appointed Anthony Kamin to fill the vacancy on the Board of Directors created by Mr. Whorton's resignation.  No Board members received  compensation from the Company in the first three months of 2016.  The fair value of these services is estimated by management and is recognized as a capital contribution.  For the three  months ended March 31, 2016 the Company recorded $12,500 as a contribution by its executive officers.  For the three months ended March 31, 2017 the Company paid Mr. Morrisett $12,500 for services rendered.
Fair Value Measurements

The Financial Accounting Standards Board ("FASB") fair value measurement standards define fair value, establish a consistent framework for measuring fair value and establish a fair value hierarchy based on the observability of inputs used to measure fair value.

 

The carrying value of the convertible debt and investment in Masterson West II approximate fair value as of March 31, 2017. Management's estimates are based on the assessment of qualitative factors that are considered Level 3 measurements in the fair value hierarchy as required by FASB ASC 820.