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Note 6 - Related Party Transactions
12 Months Ended
Dec. 31, 2021
Notes to Financial Statements  
Related Party Transactions Disclosure [Text Block]

NOTE 6 – RELATED PARTY TRANSACTIONS

 

The Company received advances from related parties totaling $427,900 and $96,000 and repaid $0 and $856 during the years ended  December 31, 2021 and 2020, respectively. During the years ended  December 31, 2021 and 2020, related parties paid $19,150 and $13,959 of expense on behalf of the Company, and $65,500 and $1,020,000 for unpaid oil and gas assets acquired. The advances from related parties are not convertible to common stock, bear no interest and are due on demand. As of  December 31, 2021 and 2020, there was $628,550 and $116,000 of short-term advances due to related parties, respectively.

 

As of  December 31, 2021 there was $228,668 of accounts payable related parties which consisted of $208,484 due to Leaverite Exploration for Interim President Jay Leaver, $4,394 due to CFO John Lepin, $10,000 due Kelloff Oil &Gas, LLC for Vice President Joe Kelloff and $5,790 due to Staley Engineering LLC for consulting services.

 

As of  December 31, 2020 there was $120,568 of accounts payable related parties which consisted of $110,894 due to Leaverite Exploration for Interim President Jay Leaver, $3,884 due to CFO John Lepin and $5,790 due to Staley Engineering LLC for consulting services.

 

On December 3, 2020, the Company executed a promissory note for $65,000 with the President of the Company. The unsecured note matures three years from date of issue and bears interest at 5.00% per annum. As of December 31, 2021 and 2020, the note payable related party balance was $65,000 with accrued interest of $13,003 and $0, respectively.

 

The Chief Financial Officer allows the use of his residence as an office for the Company at no charge.

 

A board member of the Company acts as corporate council to Company at no charge, other than board of director fees.