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Convertible Debt | 12 Months Ended
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Dec. 31, 2021
Convertible Debt |
Convertible Debt | 14. Convertible Debt In February 2020, the Company issued convertible promissory notes with an aggregate principal value of $885,000 from which funds were utilized for the purchase of the Alder Gulch property (Note 5). The notes are collateralized by the Alder Gulch property as well as other unencumbered real property that the Company currently owns. The outstanding principal amount of the notes bears interest at an annual rate of 8.0% with interest payments due monthly and the principal due in February 2023. The principal amount of the notes is convertible at the option of the note holders into shares of the Company’s common stock at a price of $2.52 per share (351,192 shares) prior to the maturity date of the notes. In July 2020, one of the participants converted $50,000 in debt for 19,840 shares of the Company’s common stock. In 2021, the remaining eight participants converted 835,000 in debt for 331,349 shares of the Company’s common stock. Interest expense for these notes was $30,426 and $59,886 for the years ended December 31, 2021, and 2020, respectively including $975 and $1,742, respectively to the Company’s corporate secretary, Monique Hayes, who participated in the Company’s convertible debt offering for $25,000 which was also converted for 9,921 shares of the Company’s stock. In July 2020, a current convertible debt holder was issued an additional convertible promissory note for a principal balance of $200,000 which funds were utilized for the purchase of a new jumbo underground drill. The note is collateralized by the drill. The outstanding principal amount of the note bears interest at an annual rate of 6.0% with interest payments due monthly and the unpaid principal due in June 2023. The principal amount of the note is convertible at the option of the note holder into shares of the Company’s common stock at a price of $5.60 per share (35,715 shares) prior to the maturity date of the note. Interest expense for this note was $12,000 and $5,250 for the years ended December 31, 2021, and 2020, respectively. In March of 2021 the Company issued convertible promissory notes of $1,750,000 from which funds were utilized for the purchase of an addition to the Alder Gulch property (Note 5). The notes are collateralized by the Alder Gulch property as well as other unencumbered real property that the Company currently owns. The outstanding principal amount of the notes bears interest at an annual rate of 8.0% with interest payments due monthly and the principal due in March 2024. The principal amount of the notes is convertible at the option of the note holders into shares of the Company’s common stock at a price of $4.90 per share (357,143 shares) prior to the maturity date of the notes. Interest expense for this note was $109,775 for the year ended December 31, 2021.

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