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Related Party Transactions

6 Months Ended

Jun. 30, 2023

5. Related Party Transactions

At December 31, 2022, the Company had a note payable to Ophir Holdings, a company owned by two officers and one former officer of the Company, with a balance of $75,183 of which $12,226 was due within one year and the remaining $62,957 due thereafter.

The Company paid the remaining amount due to Ophir Holdings on May 10, 2023. This payment resulted in a negative net interest charge for the three and six-months ended June 30, 2023. Related party interest expense for the three and six-months ended June 30, 2023 and 2022 is as follows.

June 30, 2023						June 30, 2022
Three Months			Six Months			Three Months		Six Months
$	(3,391	)	$	(2,676	)	$	1,027	$	2,157

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’s 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 and six-months ended June 30, 2023 and 2022 are as follows:

June 30, 2023				June 30, 2022
Three Months		Six Months		Three Months		Six Months
$	6,040	$	12,435	$	6,217	$	12,434