XML 26 R17.htm IDEA: XBRL DOCUMENT v3.8.0.1
Note 11 - Related Party Transactions
12 Months Ended
Dec. 31, 2017
Notes to Financial Statements  
Related Party Transactions Disclosure [Text Block]
Note
11.
     Related Party Transactions
 
On
April 17,
2017,
the Company entered into an option to lease agreement (“OTL”) with Stream Wetlands Services, LLC (“Stream”). Under the terms of the OTL, Stream paid the Company
$38,333
for an exclusive right to evaluate and market certain lands owned by the Company to their client for beneficial use purposes to compensate for wetlands impact through
February 28, 2018.
Stream
may
extend the OTL for up to
three
(
3
) successive periods of
twelve
(
12
) months. If Stream is chosen to perform their client’s project, the Company has agreed to put forth its best efforts to negotiate and enter into a mutually acceptable lease form. Due to the uncertainty of the contract award and project scope, we are unable to estimate the potential financial benefit, if any, to the Company. William Gray Stream, a prior Company Director, is the president of Stream Wetlands Services, LLC.
 
On
October 16, 2016,
the Company entered into a memorandum of understanding (“MOU”) with Stream Wetlands Services, LLC (“Stream”). Under the terms of the MOU, Stream paid the Company
$37,667
for a non-exclusive right to evaluate and market certain lands owned by the Company to their client for beneficial use purposes to compensate for wetlands impact. This non-exclusive right terminates in
6
months.
If Stream is chosen to perform their client’s project, the Company has agreed to put forth its best efforts to negotiate and enter into a mutually acceptable lease form. Due to the uncertainty of the contract award and project scope, we are unable to estimate the potential financial benefit, if any, to the Company. William Gray Stream, a prior Company Director, is the president of Stream Wetlands Services, LLC.
 
Office rent of
$4,800
,
was paid to a company owned by the president in both
2017
and
2016.
 
During
201
7
and
2016,
legal expenses of
$12,243
and
$5,883,
respectively, were incurred to the president’s spouse’s law firm.