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10. Related Party Transactions
9 Months Ended
Sep. 30, 2020
Related Party Transactions [Abstract]  
Related Party Transactions

On June 16, 2020, John C. Lawrence, the Company’s founder, Chief Executive officer, and Chairman of the Board of Directors, passed away. The Company’s Executive Vice-President, John C. Gustaven, has been appointed to Interim Chief Executive Officer.

 

The Company’s previous President and Chairman, John Lawrence, rented equipment to the Company and charged the Company for lodging and meals provided to consultants, customers and other parties by an entity that Mr. Lawrence owns. The amount due to Mr. Lawrence’s estate as of September 30, 2020 and December 31, 2019 was $178,380 and $156,974, respectively. For the three and nine months ended September 30, 2020, the Company paid $0 and $1,532, respectively, compared to $1,764 and $8,034 for the three and nine months ended September 30, 2019, respectively, to John Lawrence, our previous President and Chief Executive Officer, as reimbursement for equipment used by the Company.

 

During 2019, Mr. Lawrence advanced funds to the Company that had a balance at December 31, 2019 of $192,134. During the three and nine month periods ended September 30, 2020, the Company paid First Security Bank on behalf of Mr. Lawrence $18,490 and $117,150, respectively, on these advances. A portion of this amount was in the form of the exercise of a warrant held by Mr. Lawrence for 250,000 shares of common stock at an exercise price of $0.25 or $62,500. The balance of the advances due to Mr. Lawrence at September 30, 2020 is $74,984.

 

John C. Gustaven, Interim Chief Executive Officer of the Company, has an advance due from the Company of $200 and $10,200, respectively, at September 30, 2020 and December 31, 2019. During the three and nine month periods ended September 30, 2020, the Company paid Mr. Gustaven $0 and $10,000, respectively, on these advances.