Subsequent Events

9 Months Ended

Sep. 30, 2020

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

Redemption of Remaining Tonogold Series D Convertible Junior Participating Non-Cumulative Perpetual Preferred Stock

On October 2, 2020, Tonogold issued a redemption notice for the remaining $2.2 million (face value) of its CPS held by the Company. The redemption price of $2.6 million in cash, representing 120% of face value, was received on October 2, 2020.

Early Extinguishment of Concorde Trust, Bean Trust, & Scott H. Jolcover Unsecured Promissory Notes

On October 1, 2020, the Company revised and divided the Concorde Trust promissory note of $3.68 million into two separate promissory notes totaling the same amount, that is, a new promissory note to Georges Trust for $3.04 million and a revised promissory note for Concorde Trust for $0.64 million, representing entities under common control with each other but not with the Company.

On October 1, 2020, the Company paid the Scott H. Jolcover, a member of the Company's management, promissory note in full, with a principal payment of $150,000 plus earned original issue discount ("OID") of $1,216, and resulted in a gain of $7,848 from the recapture of unearned OID.

On October 5, 2020, the Company paid $1.7 million in principal on the remaining Georges, Concorde, and Bean promissory notes, plus earned OID of $15,143. On October 9, 2020, the Company paid an additional $0.5 million in principal on the remaining promissory notes, plus earned OID of $30,213. These early payments reduced the principal balance on the notes to approximately $1.9 million, and resulted in a gain of $118,548 from the recapture of unearned OID.

New Daney Purchase

On May 21,2020, the Company exercised its option with New Daney Company Inc to purchase seven unpatented lode mining claims located in Spring Valley, south of our Dayton resource area, for a total of $100,000. On October 8, 2020, the Company closed the transaction with a payment in full for the $85,000 remaining balance.

Como Comet Claims Sale

On October 29, 2020, the Company sold eight unpatented mining claims (the "Como Comet" properties) to Hercules Gold USA LLC ("Hercules") for total purchase price of 100,000 shares of the common stock of Eclipse Gold Mining Corporation ("Eclipse") (TSXV: EGLD.V) plus a 2% net smelter returns royalty on future mineral production from these properties. The Eclipse shares had a fair value of $65,000 at the $0.65 per common share price when received. Hercules has the option to purchase the royalty for $75,000 for each one percent (1%) per each unpatented claim.