XML 29 R17.htm IDEA: XBRL DOCUMENT v3.10.0.1
Related Party Transactions
6 Months Ended
Jun. 30, 2017
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS

NOTE 12 – RELATED PARTY TRANSACTIONS

 

In addition to transactions disclosed in Notes 7, 8 and 10, the Company had the following related party transactions.

 

The Company recognized rent expense for rental of office space of $6,000 for the six months ended June 30, 2017 and 2016, respectively, paid to RMH Overhead, LLC, a company owned by Rick Havenstrite, the Company’s President and a director. Of the amounts recognized as expense, RMH Overhead, LLC was paid $6,000 in current rents during the six months ended June 30, 2017 and 2016, respectively, in addition to $4,000 in rents from prior years, leaving a total of $13,750 and $17,750 remaining in accounts payable at June 30, 2017 and December 31, 2016, respectively, all of which represents amounts due from prior years.

 

In addition, a short-term loan totaling $9,500, also for working capital, was obtained from our President, Rick Havenstrite, with draws on multiple dates in November and December 2016. This loan was repaid in full on January 3, 2017 with no interest paid.

 

As of June 30, 2017 and December 31, 2016, accrued compensation of $585,577 and $486,577 was due to directors and officers. Of the amounts accrued at June 30, 2017 and December 31, 2016, accrued compensation of $432,692 and $372,692 is due to Rick Havenstrite and $137,885 and $113,885 is due to Marianne Havenstrite, Treasurer and Principal Financial Officer. In addition, $15,000 and $-0- was due to other directors at June 30, 2017 and December 31, 2016, respectively.

  

During the six months ended June 30, 2017 and 2016, the Company recognized general project cost expense of $0 and $6,667, respectively, for geological services provided by Stuart Havenstrite, the father of Rick Havenstrite. At both June 30, 2017 and December 31, 2016, $39,367 remains unpaid to Mr. Havenstrite. These amounts are included in accounts payable at those dates.