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Related Party Transactions
9 Months Ended
Sep. 30, 2015
Related Party Transactions [Abstract]  
Related Party Transactions

Note 14 – Related Party Transactions

 

The noncontrolling interest owners in Harvest Holdings, Vinccler (currently owning 20 percent) and Petroandina (currently owning 29 percent) are both related parties of the Company. 

 

As of December 31, 2014, HNR Energia had a note payable to Petroandina of $7.6 million. Principal was due by January 1, 2016.  Interest payments were quarterly beginning on December 31, 2014.  On June 23, 2015 the Company repaid the note payable of $7.6 million plus accrued interest of $0.4 million.

 

On June 19, 2015, Harvest sold to CT Energy the 15.0% Note, the 9.0% Note and the CT Warrant and at the same time issued to CT Energy the Series C preferred stock.  Shortly after this transaction two representatives of CT Energy were appointed to Harvest’s board of directors, with CT Energy becoming a related party due to these transactions and actions.  On September 15, 2015, CT Energy converted the 9.0% Note, including accrued interest, into 8,667,597 shares of Harvest’s common stock.  See Note 1 – Organization for more information about the CT Energy transaction.