Related Party Transactions

12 Months Ended

Dec. 31, 2021

Related Party Transactions

Related Party Transactions

12. Related-Party Transactions

John Lawrence, the Company’s previous Chief Executive Officer and Chairman of the Board of Directors, 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 owned. The amount due to Mr. Lawrence as of December 31, 2020 was $171,017. During 2021, the Company paid the full amount of $171,017 to John Lawrence’s estate for reimbursement of these expenses. Expenses paid to Mr. Lawrence for the year ended December 31, 2020 were $1,533. During 2020, an advance of $56,215 due to John Lawrence was satisfied with 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.

During the year ended December 31, 2021, Russ Lawrence, President and Director, incurred expenses of $24,510 and charged the Company for lodging and meals provided to visiting Board of Directors by an entity that Russ Lawrence owns. During the year ended December 31, 2021, the Company paid Russ Lawrence $27,290, leaving a balance due of $1,846 which is included in accounts payable on the balance sheet.