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5. Related Party Transactions
 6 Months Ended
Jun. 30, 2021
Notes  
5. Related Party Transactions

5.Related Party Transactions 

 

At June 30, 2021 and December 31, 2020, the Company had the following note and interest payable to related parties:

 

 

June 30,

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

$

136,050

$

154,312

Total

 

136,050

 

154,312

Current portion

 

(38,205)

 

(37,078)

Long term portion

$

97,845

$

117,234

 

As of June 30, 2021 and December 31, 2020, there was no accrued interest payable to related parties. Related party interest expense for the three and six-months ended June 30, 2021 and 2020 is as follows.

 

2021

2020

 

Three Months

Six Months

Three Months

Six Months

 

$

2,133

$

4,402

$

2,870

$

6,051

 

In February 2020, the Company’s corporate secretary, Monique Hayes, participated in the Company’s convertible debt offering for $25,000. During the six-month periods ended June 30, 2021 and 2020, interest expense on her note was $975 and $734, respectively. She converted her note in May 2021 as provided in the agreement. See Note 15.

 

The Company leases office space from certain related parties on a month-to-month basis. $1,500 per month is paid to NP Depot, a company owned by the Company’s president, John Swallow. 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

 

Three Months

Six Months

Three Months

Six Months

 

$

6,210

$

12,427

$

6,210

$

12,420