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5. Related Party Transactions
 6 Months Ended
Jun. 30, 2020
Notes  
5. Related Party Transactions 5.Related Party Transactions 

At June 30, 2020 and December 31, 2019, the Company had the following notes and interest payable to related parties:

 

 

 

June 30,

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

 

172,035

 

189,236

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

 

-

 

27,438

Total

 

172,035

 

216,674

Current portion

 

(35,985)

 

(34,924)

Long term portion

$

136,050

$

181,750

As of June 30, 2020 and December 31, 2019, there was no accrued interest payable to related parties. Related party interest expense for the three and six months ended June 30, 2020 and 2019 is as follows.

 

2020

2019

Three Months

Six Months

Three Months

Six Months

 

 

 

 

 

 

 

 

$

2,870

$

6,051

$

4,137

$

7,429

During the six month period ended June 30, 2019, the Company made three $3,000 payments for a total of $9,000 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 and six month periods ended June 30, 2020, interest expense on her note was $499 and $734, respectively. See Note 16.

The Company leases office space from certain related parties on a month to month basis. Payments under these short-term lease arrangements are included in general and administrative expenses on the Consolidated Statement of Operations and are as follows:

 

2020

2019

Three Months

Six Months

Three Months

Six Months

$

6,210

$

12,420

$

6,122

$

12,244