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2. Related Party Transactions
 9 Months Ended
Sep. 30, 2016
Notes  
2. Related Party Transactions

2.  Related Party Transactions

 

At September 30, 2016 and December 31, 2015 the Company had the following notes and interest payable to related parties:

 

 

 

 

September 30,

2016

 

December 31, 2015

 

 

 

 

 

Mine Systems Design (MSD), a company in which our Company’s Vice President owns 10.4%, 12% interest, monthly payments of $4,910 through October 2018

$

126,900

$

141,033

 

 

 

 

 

John Swallow, Company president, 5% interest, monthly payments of $5,834 with balloon payment of $475,973 in November 2017

 

530,920

 

545,208

 

 

 

 

 

John Swallow, Company president, 5% interest, principal and interest due January 2018

 

375,000

 

 

 

 

 

 

 

Margaret Bathgate, shareholder, 5% interest, principal and interest due January 2018

 

100,000

 

 

 

 

 

 

 

 

 

1,132,819

 

686,241

Accrued interest payable

 

14,479

 

 

 

 

 

 

 

Total

 

1,147,298

 

686,241

Current portion

 

90,638

 

88,114

Long term portion

$

1,056,660

$

598,127

 

 

Related Party interest expense for the three and nine month periods ending September 30, 2016 and 2015 is as follows:

 

 

September 30, 2016

September 30, 2015

3 months

9 months

3 months

9 months

 

 

 

 

$

16,806

$

47,488

$

4,740

$

15,093

 

 

An account payable existed with Butte Highlands LLC (Note 4) for $16,000 at September 30, 2016 for rental of some of Butte Highlands equipment being utilized at the Golden Chest.