Note Receivable

9 Months Ended

Sep. 30, 2019

Receivables [Abstract]

Note Receivable

7. Note Receivable

In April 2015, the Company loaned $38,570 to a Bulgarian company pursuant to a revolving credit facility, enabling such Bulgarian company to buy and manage land in Bulgaria to be leased by the Company for future well sites. The credit facility has a maximum loan obligation of BGN 1,000,000 ($581,155 USD at September 30, 2019) bears interest at 6.32%, has a five-year term and is secured by the land the Bulgarian company buys. Payment on the facility is due the earlier of the end of the five-year term (April 6, 2020) or demand by the Company. As of September 30, 2019, the outstanding balance on the loan obligation was $46,924 (December 31, 2018: $49,192). The change in balance was due to changes in foreign currency translations.