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5. Related Party Transactions
 3 Months Ended
Mar. 31, 2021
Notes  
5. Related Party Transactions

5.Related Party Transactions 

At March 31, 2021 and December 31, 2020, the Company had the following note and interest payable to related parties:

 

 

 

March 31,

2021

 

December 31,

2020

Ophir Holdings LLC, a company owned by two officers of the Company, 6% interest, monthly payments of $3,777 with a balloon payment of $71,075 in February 2023

$

145,249

$

154,312

Total

 

145,249

 

154,312

Current portion

 

(37,637)

 

(37,078)

Long term portion

$

107,612

$

117,234

 

 

As of March 31, 2021 and December 31, 2020, there was no accrued interest payable to related parties. Related party interest expense for the three months ended March 31, 2021 and 2020 is as follows.

 

 

2021

2020

 

$   3,181

$   2,270

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 periods ended March 31, 2021 and 2020, interest expense on her note was $493 and $236, respectively. 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 are included in general and administrative expenses on the Consolidated Statement of Operations and are as follows:

 

 

2021

2020

 

$

6,210

$

6,210