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5. Related Party Transactions
 3 Months Ended
Mar. 31, 2020
Notes  
5. Related Party Transactions

5.Related Party Transactions 

At March 31, 2020 and December 31, 2019, the Company had the following notes and interest payable to related parties:

 

 

 

March 31,

2020

 

December 31,

2019

Ophir Holdings LLC, a company owned by two officers and one former officer of the Company, 6% interest, monthly payments of $3,777 with a balloon payment of $110,835 in February 2022

 

180,700

 

189,236

H&H Metals, shareholder and concentrate broker, 8% interest, balance due April 2021

 

18,010

 

27,438

Total

 

198,710

 

216,674

Current portion

 

(35,451)

 

(34,924)

Long term portion

$

163,259

$

181,750

At March 31, 2020, $35,451 of related party debt is payable within one year and the remaining $163,259 is payable in the following year ending March 31, 2022. Related party interest expense for the three months ended March 31, 2020 and 2019 was $3,181 and $3,589, respectively. As of March 31, 2020, and December 31, 2019, there was no accrued interest payable to related parties.

During the three month period ended March 31, 2019, the Company paid $3,000 per month to the Company’s chairman of the board, Del Steiner for consulting purposes. Mr. Steiner retired in July 2019.

All sales of concentrate and the Company’s gold sales receivable are with H&H Metals, owner of 4% of the Company’s outstanding common stock. See Note 4.

In February 2020 the Company’s corporate secretary, Monique Hayes, participated in the Company’s convertible debt offering for $25,000. During the three month period ended March 31, 2020, interest expense on her note was $236. See Note 15.

The Company leases office space from certain related parties on a month to month basis. Payments under these short-term lease arrangements totaled $6,210 and $6,122 for the three months ended March 31, 2020 and 2019, respectively, and are included in general and administrative expenses on the Consolidated Statement of Operations.