Here is what I got from today's 10-Q filing.
Company is selling the Louisana assets.
Company borrowed money to fund PSA and obtain a loan. The following is in the 10-Q under Note 12.
Issuance of Note Payable to Related Party in Conjunction with Entry into PSA
On October 17, 2014, the Company issued a Promissory Note to Sycamore Resources, Inc., an entity controlled by Randy M. Griffin, the President and Chief Executive Officer of the Company, in the amount of $100,000. Principal and accrued interest of 12% per annum will be payable in a lump sum on or before maturity of this note, December 31, 2015. Proceeds from this borrowing were used to fund the non-refundable performance deposit under the PSA with TBELP referred to above.
Issuance of Note Payable in Conjunction with Entry into a Financing Term Sheet
On October 31, 2014, the Company issued a Promissory Note to David J. Moss in the amount of $100,000. Principal and accrued interest of 12% per annum will be payable in a lump sum on or before maturity of this note, December 31, 2015. Proceeds from this borrowing were primarily used to fund the non-refundable expense deposit required in conjunction with a preliminary Term Sheet entered into with a prospective lender.
