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Related Party Transactions
 12 Months Ended
Dec. 31, 2024
Related Party Transactions  
Related Party Transactions

12. Related Party Transactions

 

On May 10, 2023 the Company paid the remaining amount due on the note payable of $57,397 to Ophir Holdings, LLC, a company owned by two officers and one former officer of the Company. There has not been any other related party debt since this transaction.

 

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 $30,684 and $25,175 for the years ended December 31, 2024 and 2023, respectively, and are included in general and administrative expenses on the consolidated statement of operations.