Note 6 - Related Party Transactions

3 Months Ended

Mar. 31, 2017

Notes to Financial Statements

Related Party Transactions Disclosure [Text Block]

6.

Related Party Transactions

On-going Administrative Services

—The Company entered into a Services Agreement with Ramaco Carbon, LLC in

August

2015

 for the use of office space, administrative services, office equipment and supplies for a semi-annual fee of

$37,500.

There were no payments under this agreement for the

three

months ended

March

31,

2017.

Mineral Lease and Surface Rights Agreements

—Much of the coal reserves and surface rights that the Company controls were acquired through a series of mineral leases and surface rights agreements with Ramaco Carbon, LLC. These agreements generally have terms running through exhaustion of all the mineable and merchantable coal covered by the respective lease. The agreements call for the Company to pay minimum annual royalties or throughput payments on a monthly, or in

one

case an annual, basis. The Company pays royalties or throughput payments on all coal mined and sold from the agreements based on a percentage of the gross selling price received for the coal mined by the Company. Payments of minimum coal royalties and throughput payments commenced in

2017

pursuant to the terms of the various agreements. Minimum royalties of

$168,668

were paid in the 

three

 months ended

March

31,

2017

of which

$38,379

was recouped through credit against earned royalties for the quarter.