XML 25 R12.htm IDEA: XBRL DOCUMENT v3.8.0.1
6. Related Party Transactions
12 Months Ended
Dec. 31, 2017
Notes  
6. Related Party Transactions

6.   Related Party Transactions

 

In addition to the related parties notes payable discussed in Note 5, the Company had the following related party transactions. 

 

Three of the Company’s officers are deferring compensation for services.  The officers’ balances at December 31, 2017 are as follows:  Eric Jones, President and Chief Executive Officer - $350,000 (2016 – $230,000), Jim Collord, Vice President and Chief Operating Officer - $350,000 (2016 – $230,000), and Larry Thackery, Chief Financial Officer - $171,500 (2016 – $108,500).    

 

The Company engages Baird Hanson LLP (“Baird”), a company owned by one of the Company’s directors, to provide legal services.  Baird had no legal expenses in 2017.  Legal expenses of $99,000 were incurred during the year ended December 31, 2016.   At December 31, 2017 and December 31, 2016, the balance due to Baird is $181,313. 

 

During 2017, Jim Collord and Eric Jones advanced funds to the Company for operating expenses.   On November 22, 2017, Mr. Collord’s advance of $5,035 was paid in full.  Through December 31, 2017, Mr. Jones had advanced $10,971 which is included in accounts payable and other accrued liabilities on the consolidated balance sheet.