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Related Party Transactions
 12 Months Ended
Dec. 31, 2023
Related Party Transactions  
Related Party Transactions

12. Related Party Transactions

 

At December 31, 2022 a note payable at 6% interest was held by Ophir Holdings, LLC (“Ophir”), a company owned by two officers and one former officer of the Company. The note had monthly payments of $3,777 and a balloon payment of the remaining principal due in February 2024.

 

At December 31, 2022, the balance due on the note to Ophir was $75,183 with $12,226 of related party debt payable in 2023 and the remaining $62,957 payable in 2024. Related party interest expense for the year ended December 31, 2022 was $3,901. No interest was accrued at the end of 2022.

 

On May 10, 2023 the Company paid the remaining amount due on the note payable to Ophir of $57,397.

 

The Company leases office locations from certain related parties on a month-to-month basis (not long term). These related parties are NP Depot, a company owned by John Swallow, the Company’s president, and Mine Systems Design, a company partially owned by Grant Brackebusch, one of the Company’s vice presidents. Payments under these month-to-month lease arrangements totaled $25,175 and $24,868 for the years ended December 31, 2023 and 2022, respectively, and are included in general and administrative expenses on the consolidated statement of operations.