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Related Party Transactions
 6 Months Ended
Jun. 30, 2024
Related Party Transactions  
Related Party Transactions

5. Related Party Transactions

 

At June 30, 2024 and December 31, 2023, there were no notes payable to related parties. On May 10, 2023, the Company paid the remaining amount due to Ophir Holdings, a company owned by two officers and one former officer of the Company.

The Company leases office space from certain related parties on a month-to-month basis. $2,000 per month is paid to NP Depot LLC, a company owned by the Company’s president, John Swallow and approximately $1,700 is paid quarterly to Mine Systems Design, Inc. 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-month periods ended June 30, 2024 and 2023 are as follows:

 

June 30, 2024

 

 

June 30, 2023

 

Three Months

 

 

Six Months

 

 

Three Months

 

 

Six Months

 

$

7,688

 

 

$15,308

 

 

$6,040

 

 

$12,435