RELATED PARTY TRANSACTIONS

12 Months Ended

Dec. 31, 2022

HILLGROVE ADVANCES PAYABLE

RELATED PARTY TRANSACTIONS

NOTE 13 – RELATED PARTY TRANSACTIONS

During the year ended December 31, 2022 and 2021, the Company paid a director $19,738 and $4,588, respectively for services related to investor relations, geologic consulting and expense reimbursement.  During the year ended December 31, 2022 and 2021, the Company paid another director $4,240 and $Nil, respectively, for services related to geologic consulting and expense reimbursement.

During the year ended December 31, 2022 and 2021, the Company paid an entity owned by an officer and the chairman of the board of directors $21,730 and $24,510, respectively, for lodging and meals at the Company’s headquarters location for visiting consultants, vendors and board members. At December 31, 2022 and December 31, 2021, the Company accrued related expenses of $11,504 and $1,846, respectively, which are included in “accrued liabilities – officers and directors” on the Company’s consolidated balance sheets.  

The Company compensates directors for their contributions to the management of the Company.  During the year ended December 31, 2022 and December 31, 2021, the Company expensed $135,417 and $112,500, respectively in directors’ fees, which was recorded in general and administrative expense on the consolidated statements of operations.

During the year ended December 31, 2022, the Company paid accrued directors fees of $62,500 in cash and $62,501 in common stock (Note 14).

At December 31, 2022 and December 31, 2021, accrued fees due to directors was $61,459 and $49,999, respectively, which are included in “accrued liabilities – officers and directors” on the Company’s consolidated balance sheets.  

As of December 31, 2022 and 2021, accrued liabilities-officers and directors consists of:

	2022		2021
Accrued directors fees	$	61,459	$	49,999
Accrued liabilities, related party		11,504		1,846
Total	$	72,963	$	51,845

At December 31, 2022 and December 31, 2021, stock payable to directors for services was $61,459 and $62,501, respectively.