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5. Related Party Transactions

9 Months Ended

Sep. 30, 2020

Notes

5. Related Party Transactions

5.Related Party Transactions 

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

		September 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	$	163,240	$	189,236
H&H Metals, shareholder and concentrate broker, 8% interest, balance due April 2021		-		27,438
Total		163,240		216,674
Current portion		(36,528)		(34,924)
Long term portion	$	126,712	$	181,750

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

2020				2019
Three Months		Nine Months		Three Months		Nine Months
$	2,537	$	8,588	$	4,068	$	11,497

During 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 4.5% 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 nine month periods ended September 30, 2020, interest expense on her note was $504 and $1,238, 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		Nine Months		Three Months		Nine Months
$	6,210	$	18,630	$	6,151	$	18,395

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- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 850
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39549-107864

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 850
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39549-107864

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 850
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39549-107864

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 850
-URI http://asc.fasb.org/topic&trid=2122745

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 850
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39691-107864

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