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Related Party Transactions

9 Months Ended

Sep. 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 nine-months ended September 30, 2023. Related party interest expense for the three and nine-months ended September 30, 2023 and 2022 is as follows.

September 30, 2023					September 30, 2022
Three Months		Nine Months			Three Months		Nine Months
$	-	$	(2,676	)	$	924	$	3,081

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 nine-months ended September 30, 2023 and 2022 are as follows:

September 30, 2023				September 30, 2022
Three Months		Nine Months		Three Months		Nine Months
$	6,120	$	18,555	$	6,217	$	18,651