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5. Related Party Transactions
3 Months Ended
Mar. 31, 2017
Notes  
5. Related Party Transactions

5.     Related Party Transactions:

 

Three of the Company’s officers are deferring compensation for services.  At March 31, 2017, the amounts due them are as follows:  Eric Jones - $260,000 (December 31, 2016 – $230,000), James Collord - $260,000 (December 31, 2016  - $230,000), and Larry Thackery, Chief Financial Officer - $126,500 (December 31, 2016 - $108,500).     Compensation expense for services performed by these related parties was $78,000 and $78,000 during the quarters ended March 31, 2017 and 2016, respectively.  

 

In addition to the related parties notes payable discussed in Note 4, the Company has engaged Baird Hanson LLP (“Baird”), a company owned by one of the Company’s directors, to provide legal services.  Baird had no legal expenses for the quarter ended March 31, 2017. At March 31, 2017 and December 31, 2016, the amounts due to Baird are $181,313 and $181,313, respectively.