Quarterly report pursuant to Section 13 or 15(d)

Other Related Party Transactions

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Other Related Party Transactions
9 Months Ended
Sep. 30, 2018
Related Party Transactions [Abstract]  
Other Related Party Transactions

Note 10– Other Related Party Transactions

 

Wilshire Energy Partners, LLC

 

Wilshire Energy Partners, LLC, is controlled by Kevin J. Sylla, our Executive Chairman and Chief Executive Officer of FPI, and has been determined to be a Related Party. During the nine months ended September 30, 2018 and 2017, Wilshire advanced the Company $181,083 and $0 for operating purposes and the Company repaid $43,176   and $0, respectively.

 

As of September 30, 2018 and December 31, 2017, total amount due to officers and directors were $635,789 and $362,714.

 

From June 21, 2018 to June 23, 2018 four (4) officers and directors of the Company agreed to convert $566,300 of accrued wages and fees into 3,836,111 shares of restricted common stock.