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Note 6 - Related Party Transactions
9 Months Ended
Dec. 31, 2013
Notes  
Note 6 - Related Party Transactions

NOTE 6 - RELATED PARTY TRANSACTIONS

 

Operating Leases

 

The Company leases six (6) of its fuel tank farms and 19 of its petrol stations under operating lease agreements. See Note 4 for additional information.

 

Revolving Loans Payable to Related Parties

 

In connection with the acquisition of Geo Point, the Company assumed a revolving debt agreement with a direct relative of Geo Point’s principal shareholder. Under the terms of the agreement, the Company may borrow up to 27 million KZT, which converts to approximately $175 at December 31, 2013. The note does not incur interest and was due January 31, 2012, which automatically extends monthly until called by the holder. As of December 31, 2013, amounts due under this loan were $53 and $122 was available.

 

In connection with the acquisition of Geo Point, the Company assumed a revolving debt agreement with a direct relative of Geo Point’s shareholder. Under the terms of the agreement, the Company may borrow up to 30 million KZT, which converts to approximately $191 at December 31, 2013. The note does not accrue interest and was due February 2, 2013. As of December 31, 2013, amounts due under this loan were $191.  

 

Assumption of Capital Lease

 

See Note 3 regarding the assumption of a capital lease from an entity owned by Geo Point’s shareholder.  In connection with this assumption, Geo Point agreed to reimburse the entity payments that it had made on the capital lease. The amounts do not accrue interest and are due on demand. As of December 31, 2013, amounts due to this entity were approximately $233.