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9.
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Related Party Transactions
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During the six months ended June 30, 2013 and 2012, the Company granted no shares and
900,000
shares, respectively, to directors and officers in lieu of executive compensation.
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During the six months ended June 30, 2013, the Company reimbursed an officer approximately $5,967
in connection with travel, lodging and meals. During the six months ended June 30, 2012, the Company reimbursed an officer $10,996
for a residential lease and related utilities in Wichita, Kansas, which was being used as the corporate offices. The Company also reimbursed the officer approximately $9,810
in connection with travel, lodging and meals.
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During the year ended December 31, 2012, an officer/director loaned the company $39,200
for the purchase of mineral properties as discussed in note 6. As of June 30, 2013, the loan is still outstanding.
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As noted in note 7, during the year December 31, 2012, the Company authorized the issuance of
767,500
shares of common stock for the conversion of $239,469
of accounts payable balances. As of the June 30, 2013 and December 31, 2012,
417,500
shares were unissued. $173,205
of the accounts payable converted was held by officers/directors of the Company.
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