5. Related Party Transactions

3 Months Ended

Mar. 31, 2019

5. Related Party Transactions

At March 31, 2019 and December 31, 2018, the Company had the following note and interest payable to related parties:

		March 31, 2019		December 31, 2018
Mine Systems Design (“MSD”), a company in which our Company’s Vice President owns 10.4%, 12% interest, monthly payments of $4,910 through March 2019	$	-	$	14,696
Ophir Holdings LLC, a company owned by three of the Company’s Officers, 6% interest, monthly payments of $3,777 with a balloon payment of $148,285 in February 2021		214,091		222,131
		214,091		236,827
Total		214,091		236,827
Current portion		(33,391)		(47,591)
Long term portion	$	180,700	$	189,236

Related party interest expense for the three month periods ended March 31, 2019 and 2018 is as follows:

March 31
2019		2018
$	3,589	$	18,097

Future principal payments of related party notes payable at March 31, 2019 are as follows:

12 months ended March 31,
2020	$	33,391
2021		180,700
Total	$	214,091

During the three month periods ended March 31, 2019 and 2018, the Company paid $3,000 per month to the Company’s chairman of the board, Del Steiner for consulting purposes.

As of March 31, 2019, and December 31, 2018, gold sales receivable from H&H Metals, who owns 4% of the Company’s outstanding common stock, were $165,401 and $74,673, respectively. Concentrate sales to H&H Metals were $1,133,898 and $824,029, during the quarters ended March 31, 2019 and 2018, respectively.