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Related Party Transactions

3 Months Ended

Mar. 31, 2023

5. Related Party Transactions

At March 31, 2023 and December 31, 2022, the Company had the following note payable to related parties:

	March 31, 2023			December 31, 2022
Ophir Holdings LLC, a company owned by two officers of the Company, 3.99% interest, monthly payments of $1,250 with a balloon payment of $39,854 in February 2025	$	64,565		$	75,183
Current portion		(12,657	)		(12,226	)
Long term portion	$	51,908		$	62,957

As of March 31, 2023 and December 31, 2022, there was no accrued interest payable to related parties. Related party interest expense for the three-months ended March 31, 2023 and 2022 is as follows.

March 31,
2023		2022
$	715		$1,129

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 and approximately $1,700 is paid quarterly to Mine Systems Design which is partially owned by the Company’ vice president Grant Brackebusch. Payments under these short-term lease arrangements are included in general and administrative expenses on the Consolidated Statement of Operations and for the three-months ended March 31, 2023 and 2022 are as follows:

March 31,
2023		2022
$	6,395	$	6,217