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12. Related Party Transactions
 12 Months Ended
Dec. 31, 2016
Notes  
12. Related Party Transactions

12. Related Party Transactions

 

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

 

 

 

 

December 31,

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

$

115,868

$

141,033

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

 

520,010

 

545,208

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

 

341,250

 

 

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

 

100,000

 

 

 

 

1,077,128

 

686,241

Accrued interest payable

 

4,167

 

 

Total

 

1,081,295

 

686,241

Current portion

 

567,580

 

88,114

Long term portion

$

513,715

$

598,127

 

 

Related party interest expense for the years ending December 31, 2016 and 2015 was $63,650 and $20,572, respectively. At December 31, 2016, $567,580 of total related party debt is payable in 2017 and $509,548 is payable in 2018. Also see Note 15 for Forward Gold Contracts with related parties and Note 16 Subsequent Events for related party debt exchanged for shares of common stock subsequent to year end.