5. Related Party Transactions

6 Months Ended

Jun. 30, 2019

5. Related Party Transactions

At June 30, 2019 and December 31, 2018, the Company had the following note and interest payable to related parties:

		June 30, 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		205,930		222,131
H&H Metals, a company who owns 4% of the Company’s outstanding common stock, 8% interest, balance due April 2021		50,000		-
Total		255,930		236,827
Current portion		(33,895)		(47,591)
Long term portion	$	222,035	$	189,236

Related party interest expense for the six month periods ended June 30, 2019 and 2018 is as follows:

2019				2018
Three Months		Six Months		Three Months		Six Months
$	4,137	$	7,429	$	13,478	$	31,828

Future principal payments of related party notes payable at June 30, 2019 are as follows:

12 months ended June 30,
2020	$	33,895
2021		222,035
Total	$	255,930

As of June 30, 2019, and December 31, 2018, accrued interest payable to related parties was $669 and zero, respectively.

During the three and six month periods ended June 30, 2019 and 2018 (up until May 2019), the Company paid $3,000 per month to the Company’s chairman of the board, Del Steiner for consulting purposes.

All sales of concentrate are to H&H Metals, who owns 4% of the Company’s outstanding common stock. See Note 4