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Can Cal Resources Ltd – ‘10-Q’ for 6/30/18 – ‘EX-101.INS’

On:  Wednesday, 8/15/18, at 4:17pm ET   ·   For:  6/30/18   ·   Accession #:  1683168-18-2354   ·   File #:  0-26669

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  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 8/15/18  Can Cal Resources Ltd             10-Q        6/30/18   30:973K                                   GlobalOne Filings Inc/FA

Quarterly Report   —   Form 10-Q   —   Sect. 13 / 15(d) – SEA’34
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-Q        Quarterly Report                                    HTML    136K 
 2: EX-31.1     Certification -- §302 - SOA'02                      HTML     14K 
 3: EX-31.2     Certification -- §302 - SOA'02                      HTML     14K 
 4: EX-32.1     Certification -- §906 - SOA'02                      HTML     11K 
11: R1          Document and Entity Information                     HTML     40K 
12: R2          Balance Sheets (Unaudited)                          HTML     73K 
13: R3          Balance Sheets (Unaudited) (Parenthetical)          HTML     31K 
14: R4          Statement of Operations (Unaudited)                 HTML     57K 
15: R5          Statements of Cash Flow (Unaudited)                 HTML     53K 
16: R6          1. Nature of Business and Summary of Significant    HTML     25K 
                Accounting Policies                                              
17: R7          2. Going Concern                                    HTML     16K 
18: R8          3. Related Party Transactions                       HTML     24K 
19: R9          4. Notes Payable, Related Parties                   HTML     28K 
20: R10         1. Nature of Business and Summary of Significant    HTML     37K 
                Accounting Policies (Policies)                                   
21: R11         4. Notes Payable, Related Parties (Tables)          HTML     25K 
22: R12         1. Nature of Business and Summary of Significant    HTML     15K 
                Accounting Policies (Details Narrative)                          
23: R13         2. Going Concern (Details Narrative)                HTML     22K 
24: R14         3. Related Party Transactions (Details Narrative)   HTML     30K 
25: R15         4. Notes Payable, Related Parties (Details - Notes  HTML     19K 
                Payable)                                                         
26: R16         4. Notes Payable, Related Parties (Details -        HTML     14K 
                Related Party Notes Payable)                                     
27: R17         4. Notes Payable, Related Parties (Details          HTML     29K 
                Narrative)                                                       
29: XML         IDEA XML File -- Filing Summary                      XML     45K 
28: EXCEL       IDEA Workbook of Financial Reports                  XLSX     23K 
 5: EX-101.INS  XBRL Instance -- ccre-20180630                       XML    193K 
 7: EX-101.CAL  XBRL Calculations -- ccre-20180630_cal               XML     67K 
 8: EX-101.DEF  XBRL Definitions -- ccre-20180630_def                XML     82K 
 9: EX-101.LAB  XBRL Labels -- ccre-20180630_lab                     XML    260K 
10: EX-101.PRE  XBRL Presentations -- ccre-20180630_pre              XML    200K 
 6: EX-101.SCH  XBRL Schema -- ccre-20180630                         XSD     46K 
30: ZIP         XBRL Zipped Folder -- 0001683168-18-002354-xbrl      Zip     32K

‘EX-101.INS’   —   XBRL Instance — ccre-20180630

This Exhibit is an XBRL XML File.

                                                                                                                                                                                
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<us-gaap:BusinessDescriptionAndAccountingPoliciesTextBlock contextRef="From2018-01-01to2018-06-30">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-size: 8pt"><b></b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt"><b>1. NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt"><b><u>Nature of Business</u></b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt">Can-Cal Resources Ltd. (“Can-Cal” or the “Company”) is a Nevada corporation incorporated on March 22, 1995.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt">The Company is an exploration company engaged in the exploration for precious metals, specifically focused on mineral exploration projects. We have examined various prospective mineral properties for precious metals and acquired those deemed promising. We currently own, lease or have mining interest in two mineral properties in the southwestern United States (California and Arizona, as follows: Cerbat, Arizona and Pisgah, California). The Company previously had mineral rights in Owl Canyon, California and Wikieup, Arizona, which have now been abandoned.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt">As an exploration stage enterprise, the Company discloses the deficit accumulated during the exploration stage. An entity remains in the exploration stage until such time as proven or probable reserves have been established for its deposits. Upon the location of commercially mineable reserves, the Company plans to prepare for mineral extraction and enter the development stage. To date, the exploration stage of the Company’s operations consists of contracting with geologists who sample and assess the mining viability of the Company’s claims.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt"><b><u>Summary of Significant Accounting Policies</u></b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt"><u>Basis of Presentation</u></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt">The accompanying unaudited interim financial statements and related notes have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information, and with the rules and regulations of the United States Securities and Exchange Commission set forth in Article 8 of Regulation S-X.  Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements.  The unaudited interim financial statements furnished reflect all adjustments (consisting of normal recurring accruals) which are, in the opinion of management, necessary to a fair statement of the results for the interim periods presented.  Unaudited interim results are not necessarily indicative of the results for the full fiscal year.  These financial statements should be read in conjunction with the financial statements of the Company for the fiscal year ended December 31, 2017 and notes thereto contained in the Company’s Annual Report on Form 10-K.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt">The Company’s functional and reporting currency is the United States dollar (USD). Monetary assets and liabilities denominated in foreign currencies are translated in accordance with ASC 820, using the exchange rate prevailing at the balance sheet date. Gains and losses arising on settlement of foreign currency denominated transactions or balances are included in the determination of income. Foreign currency transactions are primarily undertaken in the Canadian dollar (CDN). The Company has not, to the date of these financial statements, entered into derivative instruments to offset the impact of foreign currency fluctuations.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt">Certain amounts in the prior periods presented have been reclassified to conform to the current period financial statement presentation.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt"><u>Exploration Stage Company</u></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt">The Company is currently an exploration stage company. As an exploration stage enterprise, the Company discloses the deficit accumulated during the exploration stage and the cumulative statements of operations and cash flows from inception to the current balance sheet date. The Company has incurred an accumulated deficit of $11,613,029 for the period from inception (March 22, 1995) through December 31, 2017. An entity remains in the exploration stage until such time as proven or probable reserves have been established for its deposits. Upon the location of commercially mineable reserves, the Company plans to prepare for mineral extraction and enter the development stage. To date, the exploration stage of the Company’s operations consists of contracting with geologists who sample and assess the mining viability of the Company’s claims.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt"></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt"><u>Use of Estimates</u></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt">The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt"><u>Basic and Diluted Loss per Share</u></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt">The basic net loss per common share is computed by dividing the net loss by the weighted average number of common shares outstanding. Diluted net loss per common share is computed by dividing the net loss adjusted on an “as if converted” basis, by the weighted average number of common shares outstanding plus potential dilutive securities. For 2017 and 2016 potential dilutive securities had an anti-dilutive effect and were not included in the calculation of diluted net loss per common share.</font></p>
</us-gaap:BusinessDescriptionAndAccountingPoliciesTextBlock>
<us-gaap:NatureOfOperations contextRef="From2018-01-01to2018-06-30">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt"></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt"><b><u>Nature of Business</u></b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt">Can-Cal Resources Ltd. (“Can-Cal” or the “Company”) is a Nevada corporation incorporated on March 22, 1995.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt">The Company is an exploration company engaged in the exploration for precious metals, specifically focused on mineral exploration projects. We have examined various prospective mineral properties for precious metals and acquired those deemed promising. We currently own, lease or have mining interest in two mineral properties in the southwestern United States (California and Arizona, as follows: Cerbat, Arizona and Pisgah, California). The Company previously had mineral rights in Owl Canyon, California and Wikieup, Arizona, which have now been abandoned.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt">As an exploration stage enterprise, the Company discloses the deficit accumulated during the exploration stage. An entity remains in the exploration stage until such time as proven or probable reserves have been established for its deposits. Upon the location of commercially mineable reserves, the Company plans to prepare for mineral extraction and enter the development stage. To date, the exploration stage of the Company’s operations consists of contracting with geologists who sample and assess the mining viability of the Company’s claims.</font></p>
</us-gaap:NatureOfOperations>
<us-gaap:BasisOfAccounting contextRef="From2018-01-01to2018-06-30">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt"></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt"><u>Basis of Presentation</u></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt">The accompanying unaudited interim financial statements and related notes have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information, and with the rules and regulations of the United States Securities and Exchange Commission set forth in Article 8 of Regulation S-X.  Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements.  The unaudited interim financial statements furnished reflect all adjustments (consisting of normal recurring accruals) which are, in the opinion of management, necessary to a fair statement of the results for the interim periods presented.  Unaudited interim results are not necessarily indicative of the results for the full fiscal year.  These financial statements should be read in conjunction with the financial statements of the Company for the fiscal year ended December 31, 2017 and notes thereto contained in the Company’s Annual Report on Form 10-K.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt">The Company’s functional and reporting currency is the United States dollar (USD). Monetary assets and liabilities denominated in foreign currencies are translated in accordance with ASC 820, using the exchange rate prevailing at the balance sheet date. Gains and losses arising on settlement of foreign currency denominated transactions or balances are included in the determination of income. Foreign currency transactions are primarily undertaken in the Canadian dollar (CDN). The Company has not, to the date of these financial statements, entered into derivative instruments to offset the impact of foreign currency fluctuations.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt">Certain amounts in the prior periods presented have been reclassified to conform to the current period financial statement presentation.</font></p>
</us-gaap:BasisOfAccounting>
<ccre:ExplorationStageCompanyPolicyTextBlock contextRef="From2018-01-01to2018-06-30">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt"></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt"><u>Exploration Stage Company</u></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt">The Company is currently an exploration stage company. As an exploration stage enterprise, the Company discloses the deficit accumulated during the exploration stage and the cumulative statements of operations and cash flows from inception to the current balance sheet date. The Company has incurred an accumulated deficit of $11,638,879 for the period from inception (March 22, 1995) through December 31, 2017. An entity remains in the exploration stage until such time as proven or probable reserves have been established for its deposits. Upon the location of commercially mineable reserves, the Company plans to prepare for mineral extraction and enter the development stage. To date, the exploration stage of the Company’s operations consists of contracting with geologists who sample and assess the mining viability of the Company’s claims.</font></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt"></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt"></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt"><u>Use of Estimates</u></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt">The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates.</font></p>
</us-gaap:UseOfEstimates>
<us-gaap:EarningsPerSharePolicyTextBlock contextRef="From2018-01-01to2018-06-30">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt"></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt"><u>Basic and Diluted Loss per Share</u></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt">The basic net loss per common share is computed by dividing the net loss by the weighted average number of common shares outstanding. Diluted net loss per common share is computed by dividing the net loss adjusted on an “as if converted” basis, by the weighted average number of common shares outstanding plus potential dilutive securities. For 2017 and 2016 potential dilutive securities had an anti-dilutive effect and were not included in the calculation of diluted net loss per common share.</font></p>
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<us-gaap:SubstantialDoubtAboutGoingConcernTextBlock contextRef="From2018-01-01to2018-06-30">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt"></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt"><b>2. GOING CONCERN</b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt">The accompanying financial statements have been prepared assuming the Company will continue as a going concern. As shown in the accompanying financial statements, the Company had a net loss of $5,873 and $82,722 for the three and six months ended June 30, 2018, respectively, has used net cash in operating activities of $8,143,902 from inception and had a working capital deficit of $11,695,751 at June 30, 2018. The future of the Company is dependent upon its ability to obtain financing and upon future profitable operations from the development of its new business opportunities. Management has plans to seek additional capital through private placements and public offerings of its common stock. The financial statements do not include any adjustments relating to the recoverability and classification of recorded assets, or the amounts of and classification of liabilities that might be necessary in the event the Company cannot continue in existence.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt">The ability of the Company to continue as a going concern is dependent on securing additional sources of capital and the success of the Company’s plan. The financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.</font></p>
</us-gaap:SubstantialDoubtAboutGoingConcernTextBlock>
<us-gaap:RelatedPartyTransactionsDisclosureTextBlock contextRef="From2018-01-01to2018-06-30">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><font style="font-size: 8pt"></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><font style="font-size: 8pt"><b>3. RELATED PARTY TRANSACTIONS</b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt"><u>Material Supply Agreement</u></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt">On April 9, 2013, the Company entered into a material supply agreement (the “the Original MSA”) with Candeo Lava Products Inc. (“Candeo”), which was amended on March 3, 2014 (the “Amended MSA”). Pursuant to the Amended MSA, Candeo is entitled to purchase material (“Material”) from the Pisgah Property at a price equal to the greater of $15 per ton and the net sales margin per ton removed from the Pisgah Property realized as follows: (i) 35% of the net sales margins during the first year of mining; and (ii) 50% of the net sales margins for the subsequent years during the term of the Amended MSA. Under the Amended MSA, Candeo has the right to remove an Initial Amount of up to 1,000,000 tons of Material from the Pisgah Property and Additional Amounts of 1,000,000 tons each, upon the successful removal of the Initial Amount from the Pisgah Property. Candeo’s right to remove the Additional Amounts from the Pisgah Property is on the basis that once Candeo has removed the first Additional Amount of the Material from the Pisgah Property, it shall have the right to remove subsequent Additional Amounts of Material from the Property, so long as it removes its then current Additional Amount. As such, Candeo’s right to extend the term of the Amended MSA is entirely based on Candeo’s successful performance of its Material removal commitments under the terms of the Amended MSA.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt">Under the Amended MSA, Candeo is required to purchase a minimum of ten thousand (10,000) tons of Material during each of the first three years of the term of the agreement, all at a purchase price of $15.00 per ton, for a total payment of $150,000 per year in each of the first three years of the Term, with credit being given by the Company to Candeo for all pre-paid tons of Material that have already been purchased and paid for under the Original MSA. The Pre-Purchased Material will remain on the Pisgah Property until Candeo commences its production operations or engages the Company to mine and remove Material on Candeo’s behalf. In the event that Candeo engages the Company to mine and remove any of the Material, Candeo shall pay all of the Company’s reasonable costs and expenses in conducting such mining and removal operations plus a fee of 15%. All mining and removal operations on the Pisgah Property will be subject to all necessary regulatory and other third-party approvals being obtained. The Pre-Purchased Payments will not be refundable to Candeo but shall be credited against the first Production Payments.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt">The term of the Amended MSA has been extended from an initial term of ten (10) years to twenty (20) years (the “Primary Term”) and Candeo has the option to extend the term for an additional thirty (30) years exercisable at any time with no less than three (3) months written notice prior to the expiration of the Primary Term, provided that Candeo is not in default under any of the provisions of the Amended MSA and that the whole of the Initial Amount has been removed from the Property.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt">Unearned revenues as reflected on the Balance Sheet are a reflection of amounts received from Candeo based on the Amended MSA. Balances as at June 30, 2018 and December 31, 2017 were $450,000 and $402,438, respectively.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt"></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt"><u>Compensation</u></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt">On June 30, 2010, the Company entered into a consulting agreement, with a Board of Director’s consulting firm, FutureWorth Capital Corp. The terms of the agreement include annual compensation of $60,000, payable monthly. The Company may elect to satisfy payment in shares of common stock in lieu of cash at a market value equal to $0.10 above the average closing trading price of the common stock for the preceding five (5) days from the date of such election. No payments have been made in cash or stock to date. As of December 31, 2017, the Company owed FutureWorth Capital Corp. $506 (2016 - $506) as included in accounts payable, related parties, for service prior to, and during the service period under the consulting agreement. The consulting agreement was terminated on February 27, 2013 with Mr. William Hogan’s resignation from the Board of Directors.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt">On June 10, 2016, the Company entered into a consulting agreement, with a Board of Director’s consulting firm, For Life Financial. The terms of the agreement include monthly compensation of $2,100 CAD for managing the Company. On September 10, 2016, the Company amended the agreement to include additional annual compensation $50,000 USD, payable monthly as the scope of work increased.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt"><u>Stock-Based Compensation</u></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt">All warrants previously issued by the Company have expired as of the fiscal year ending December 31, 2014. No new warrants have been issued as of June 30, 2018.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt">On December 31, 2017, 650,000 Stock Options and 800,000 shares were issued as compensation for work done by consultants and directors of the Company. No new stock options have been issued as of June 30, 2018. (Note 9)</font></p>
</us-gaap:RelatedPartyTransactionsDisclosureTextBlock>
<us-gaap:DebtDisclosureTextBlock contextRef="From2018-01-01to2018-06-30">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt"></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt"><b>4. NOTES PAYABLE, RELATED PARTIES</b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt">Notes payable, related parties consisted of the following as of June 30, 2018 and December 31, 2017, respectively:</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt"> </font></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: justify"><font style="font-size: 8pt"> </font></td><td style="font-weight: bold; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><p style="margin-top: 0; margin-bottom: 0"><font style="font-size: 8pt">June 30, </font></p> <p style="margin-top: 0; margin-bottom: 0"><font style="font-size: 8pt">2018</font></p></td><td style="padding-bottom: 1pt; font-weight: bold"><font style="font-size: 8pt"> </font></td><td style="font-weight: bold; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">December 31, 2017</font></td><td style="padding-bottom: 1pt; font-weight: bold"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 70%; text-align: left"><font style="font-size: 8pt">Note payable <sup>(1)</sup></font></td><td style="width: 2%"><font style="font-size: 8pt"> </font></td> <td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 11%; text-align: right"><font style="font-size: 8pt">146,885</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td><td style="width: 2%"><font style="font-size: 8pt"> </font></td> <td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 11%; text-align: right"><font style="font-size: 8pt">129,871</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><font style="font-size: 8pt">Promissory note payable <sup>(2)</sup></font></td><td><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">–</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">10,000</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left; padding-bottom: 1pt"><font style="font-size: 8pt">Promissory note payable <sup>(3)</sup></font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">67,413</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">–</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt"><font style="font-size: 8pt">Total related party notes payable</font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">214,298</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">139,871</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"><font style="font-size: 8pt"> </font></p> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 21.3pt"><font style="font-size: 8pt">(1)</font></td><td style="text-align: justify"><font style="font-size: 8pt">Note payable to the former CEO, unsecured, bearing interest at 10% and due on demand. Per the settlement of a lawsuit, the terms of this note were adjusted. Legal expenses incurred as a result of the lawsuit would bear interest at 10%, however, all other expenses would bear interest at 5%.</font></td></tr></table> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 21.3pt"><font style="font-size: 8pt">(2)</font></td><td style="text-align: justify"><font style="font-size: 8pt">Promissory note payable originated on November 30, 2012 with FutureWorth Capital Corp., a consulting firm owned by our former Chairman of the Board of Directors, unsecured, bearing interest at 10%, matures on November 29, 2013. In connection with the promissory note, the Company granted warrants to purchase 20,000 shares of the Company’s common stock at an exercise price of $0.10. The warrants expired on November 29, 2014. Repaid on January 4, 2018.</font></td></tr></table> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 21.3pt"><font style="font-size: 8pt">(3)</font></td><td style="text-align: justify"><font style="font-size: 8pt">Promissory note payable originated on February 1, 2018 with Candeo, a company in which the former CEO is a director. The note bears an interest rate of 10% per annum and is payable on or before December 31, 2018.</font></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt">The following presents components of interest expense by instrument type:</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt"> </font></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: justify"><font style="font-size: 8pt"> </font></td><td style="font-weight: bold; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Three <br />Months Ended June 30, 2018</font></td><td style="padding-bottom: 1pt; font-weight: bold"><font style="font-size: 8pt"> </font></td><td style="font-weight: bold; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Three <br />Months Ended June 30, 2017</font></td><td style="padding-bottom: 1pt; font-weight: bold"><font style="font-size: 8pt"> </font></td><td style="font-weight: bold; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Six <br />Months Ended June 30, 2018</font></td><td style="padding-bottom: 1pt; font-weight: bold"><font style="font-size: 8pt"> </font></td><td style="font-weight: bold; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Six <br />Months Ended June 30, 2017</font></td><td style="padding-bottom: 1pt; font-weight: bold"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 40%; text-align: left; padding-bottom: 1pt; text-indent: -8.95pt; padding-left: 8.95pt"><font style="font-size: 8pt">Interest on notes payable, related parties</font></td><td style="width: 2%; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 11%; border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">(6,796</font></td><td style="width: 1%; padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">)</font></td><td style="width: 2%; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 11%; border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">(2,860</font></td><td style="width: 1%; padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">)</font></td><td style="width: 2%; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 11%; border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">11,226</font></td><td style="width: 1%; padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="width: 2%; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 11%; border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">(5,688</font></td><td style="width: 1%; padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt"><font style="font-size: 8pt">Total interest expense</font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">(6,796</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt">)</font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">(2,860</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt">)</font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">11,226</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">(5,688</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt">)</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt">The negative interest recognized in the six months ended June 30, 2018 is due to a recalculation on the loan per revisions to the agreement from the lawyers of the lawsuit recognized in the first three months of 2018. Previously omitted costs were added to the outstanding loan and the interest rate was left at 10% for legal expenses incurred but adjusted to 5% for all other expenses.</font></p>
</us-gaap:DebtDisclosureTextBlock>
<us-gaap:ScheduleOfDebtTableTextBlock contextRef="From2018-01-01to2018-06-30">
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: justify"><font style="font-size: 8pt"> </font></td><td style="font-weight: bold; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><p style="margin-top: 0; margin-bottom: 0"><font style="font-size: 8pt">June 30, </font></p> <p style="margin-top: 0; margin-bottom: 0"><font style="font-size: 8pt">2018</font></p></td><td style="padding-bottom: 1pt; font-weight: bold"><font style="font-size: 8pt"> </font></td><td style="font-weight: bold; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">December 31, 2017</font></td><td style="padding-bottom: 1pt; font-weight: bold"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 70%; text-align: left"><font style="font-size: 8pt">Note payable <sup>(1)</sup></font></td><td style="width: 2%"><font style="font-size: 8pt"> </font></td> <td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 11%; text-align: right"><font style="font-size: 8pt">146,885</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td><td style="width: 2%"><font style="font-size: 8pt"> </font></td> <td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 11%; text-align: right"><font style="font-size: 8pt">129,871</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><font style="font-size: 8pt">Promissory note payable <sup>(2)</sup></font></td><td><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">–</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">10,000</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left; padding-bottom: 1pt"><font style="font-size: 8pt">Promissory note payable <sup>(3)</sup></font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">67,413</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">–</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt"><font style="font-size: 8pt">Total related party notes payable</font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">214,298</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">139,871</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr> </table>
</us-gaap:ScheduleOfDebtTableTextBlock>
<us-gaap:InterestIncomeAndInterestExpenseDisclosureTableTextBlock contextRef="From2018-01-01to2018-06-30">
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: justify"><font style="font-size: 8pt"> </font></td><td style="font-weight: bold; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Three <br />Months Ended June 30, 2018</font></td><td style="padding-bottom: 1pt; font-weight: bold"><font style="font-size: 8pt"> </font></td><td style="font-weight: bold; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Three <br />Months Ended June 30, 2017</font></td><td style="padding-bottom: 1pt; font-weight: bold"><font style="font-size: 8pt"> </font></td><td style="font-weight: bold; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Six <br />Months Ended June 30, 2018</font></td><td style="padding-bottom: 1pt; font-weight: bold"><font style="font-size: 8pt"> </font></td><td style="font-weight: bold; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Six <br />Months Ended June 30, 2017</font></td><td style="padding-bottom: 1pt; font-weight: bold"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 40%; text-align: left; padding-bottom: 1pt; text-indent: -8.95pt; padding-left: 8.95pt"><font style="font-size: 8pt">Interest on notes payable, related parties</font></td><td style="width: 2%; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 11%; border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">(6,796</font></td><td style="width: 1%; padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">)</font></td><td style="width: 2%; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 11%; border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">(2,860</font></td><td style="width: 1%; padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">)</font></td><td style="width: 2%; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 11%; border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">11,226</font></td><td style="width: 1%; padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="width: 2%; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 11%; border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">(5,688</font></td><td style="width: 1%; padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt"><font style="font-size: 8pt">Total interest expense</font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">(6,796</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt">)</font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">(2,860</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt">)</font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">11,226</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">(5,688</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt">)</font></td></tr> </table>
</us-gaap:InterestIncomeAndInterestExpenseDisclosureTableTextBlock>
<us-gaap:GainLossOnDispositionOfAssets1 contextRef="From2018-01-01to2018-06-30" unitRef="USD" decimals="0"> 0 </us-gaap:GainLossOnDispositionOfAssets1>
<us-gaap:GainLossOnDispositionOfAssets1 contextRef="From2017-01-01to2017-06-30" unitRef="USD" decimals="0"> 9000 </us-gaap:GainLossOnDispositionOfAssets1>
<us-gaap:GainLossOnDispositionOfAssets1 contextRef="From2018-04-01to2018-06-30" unitRef="USD" decimals="0"> 0 </us-gaap:GainLossOnDispositionOfAssets1>
<us-gaap:GainLossOnDispositionOfAssets1 contextRef="From2017-04-01to2017-06-30" unitRef="USD" decimals="0"> 9000 </us-gaap:GainLossOnDispositionOfAssets1>
<us-gaap:GainsLossesOnExtinguishmentOfDebt contextRef="From2018-01-01to2018-06-30" unitRef="USD" decimals="0"> 58985 </us-gaap:GainsLossesOnExtinguishmentOfDebt>
<us-gaap:GainsLossesOnExtinguishmentOfDebt contextRef="From2017-01-01to2017-06-30" unitRef="USD" decimals="0"> 0 </us-gaap:GainsLossesOnExtinguishmentOfDebt>
<us-gaap:GainsLossesOnExtinguishmentOfDebt contextRef="From2018-04-01to2018-06-30" unitRef="USD" decimals="0"> 58985 </us-gaap:GainsLossesOnExtinguishmentOfDebt>
<us-gaap:GainsLossesOnExtinguishmentOfDebt contextRef="From2017-04-01to2017-06-30" unitRef="USD" decimals="0"> 0 </us-gaap:GainsLossesOnExtinguishmentOfDebt>
</xbrli:xbrl>

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