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12. Related Party Transactions
 12 Months Ended
Dec. 31, 2020
Notes  
12. Related Party Transactions

12. Related Party Transactions

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

 

 

 

2020

 

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

$

154,312

$

189,236

H&H Metals, shareholder and concentrate broker, 8% interest, principal and interest due March 2021

 

-

 

27,438

Total

 

154,312

 

216,674

Current portion

 

37,078

 

34,924

Long term portion

$

117,234

$

181,750

 

At December 31, 2020, $37,078 of related party debt is payable in 2021 and the remaining $117,234 is payable in 2022. Related party interest expense for the years ending December 31, 2020 and 2019 was $10,992 and $15,169, respectively. There is no accrued interest payable at December 31, 2020 or 2019 on these notes.

During the year ended December 31, 2019, the Company paid $9,000, to the Company’s previous chairman of the board, Del Steiner for consulting purposes. He retired in July 2019.

As of December 31, 2020 and 2019, gold sales receivable from former related party H&H Metals, who owns 4% of the Company’s outstanding common stock, were $264,779 and $305,924, respectively. Concentrate sales to H&H Metals were $5,384,597 and $5,857,942, during the years ended December 31, 2020 and 2019, respectively.

In February 2020, the Company’s corporate secretary, Monique Hayes, participated in the Company’s convertible debt offering for $25,000. Interest expense on her note was $1,742 for the year ended December 31, 2020. See Note 14.

The Company leases office space from certain related parties on a month to month basis. Payments under these short-term lease arrangements totaled $24,840 and $24,546 for the years ended December 31, 2020 and 2019, respectively, and are included in general and administrative expenses on the Consolidated Statement of Operations.