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5. Related Party Transactions
 9 Months Ended
Sep. 30, 2021
Notes  
5. Related Party Transactions

5.Related Party Transactions 

 

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

 

 

September 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

$

126,713

$

154,312

Total

 

126,713

 

154,312

Current portion

 

(38,781)

 

(37,078)

Long term portion

$

87,932

$

117,234

 

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

 

 

2021

2020

 

Three Months

Nine Months

Three Months

Nine Months

 

 

 

 

 

 

 

 

 

 

$

1,994

$

6,397

$

2,537

$

8,588

 

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, 2021 and 2020, interest expense on her note was as follows:

 

 

2021

2020

 

Three Months

Nine Months

Three Months

Nine Months

 

 

 

 

 

 

 

 

 

 

$

-

$

975

$

504

$

1,238

 

She converted her note in May 2021 as provided in the agreement. See Note 16.

 

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

Nine Months

Three Months

Nine Months

 

 

 

 

 

 

 

 

 

 

$

6,364

$

18,791

$

6,210

$

18,630