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14. Forward Gold Contracts | 12 Months Ended
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Dec. 31, 2019
Notes |
14. Forward Gold Contracts | 14. Forward Gold Contracts Prior to 2018, the Company entered into some forward gold contracts which called for the Company to deliver ounces of gold. Under the terms of the contracts, the gold to be delivered did not need to be produced from the Golden Chest property. In addition, the counterparties could request cash payment instead of gold ounces for each quarterly payment. The cash payments were based on average gold prices for the applicable quarter. The contracts were accounted for as derivatives requiring their value to be adjusted to fair value each period end. One of the forward gold contracts was with Ophir Holdings LLC, (“Ophir”) a company owned by three of the Company’s officers at the time of the transaction. On January 1, 2018, Ophir agreed to convert their Forward Gold Contract which at that time had an outstanding balance of 419.5 ounces with a fair value of $492,784 to a conventional debt structure at 6% interest (see Note 12). The change in balance for the forward gold contracts for the year ended December 31, 2018 is as follows:
|  | 2018
Beginning balance | $ | 920,579
Conversion to note payable |  | (492,784)
Payments in cash |  | (185,798)
Payments in gold purchased by the Company |  | (257,981)
Change in fair value |  | 15,984
Ending balance | $ | -
The final gold ounces due under these contracts were delivered in September 2018.

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- Definition The entire disclosure for freestanding option contracts issued by an entity that are indexed to, and potentially settled in, an entity's own stock. Includes disclosure on the strike price and the number of shares to which the contract is indexed, the settlement date or dates of the contract, and the issuer's accounting for the contract. If the terms of the contract provide settlement alternatives, those settlement alternatives are disclosed, including who controls the settlement alternatives, and the maximum number of shares that could be required to be issued, to net share settle the contract, if applicable. If a contract does not have a fixed or determinable maximum number of shares that could be required to be issued, the fact that a potentially infinite number of shares that may be required to be issued to settle the contract is disclosed. Disclosure also includes the contract's current fair value for each settlement alternative and how changes in the price of the issuer's equity instruments affect those settlement amounts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 40 -URI http://asc.fasb.org/subtopic&trid=2229355 + Details
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