XML 13 R18.htm IDEA: XBRL DOCUMENT

12. Related Party Transactions

9 Months Ended

Sep. 30, 2019

Note 12- Related Party Transactions

Conflicts of Interests

Athena Silver Corporation (“Athena”) is a company under common control. Mr. Power is also a director and CEO of Athena. Mr. Gibbs is a significant investor in both Magellan and Athena. Magellan and Athena are both exploration stage companies involved in the business of acquisition and exploration of mineral resources.

Silver Saddle Resources, LLC is also a company under common control. Mr. Power and Mr. Gibbs are significant investors and managing members of Silver Saddle. Magellan and Silver Saddle are both exploration stage companies involved in the business of acquisition and exploration of mineral resources.

The existence of common ownership and common management could result in significantly different operating results or financial position from those that could have resulted had Magellan, Athena and Silver Saddle been autonomous.

Management Fees

At September 30, 2019 and December 31, 2018, $0 and $27,500 of fees were due to Mr. Power for prior services and are included in accrued liabilities on the accompanying consolidated balance sheets. In September 2019, the Company settled the management fees due to Mr. Power as disclosed in Note 9.

At September 30, 2019 and December 31, 2018, $7,000 and $28,000 of fees were due to Mr. Martinez and are included in accrued liabilities on the accompanying consolidated balance sheets.

Accrued Interest - Related Parties

Accrued interest due to related parties is included in our consolidated balance sheets as follows:

	September 30, 2019		December 31, 2018
Accrued interest payable - Mr. Gibbs	$	–	$	340,218
Accrued interest payable - Mr. Power		–		76,504
Accrued interest payable - Dr. Carson		5,869		3,736
	$	5,869	$	420,458

Other

The Company entered into a verbal agreement with Ms. Seijas de Drips, the CEO’s spouse, for consulting services specifically related to the Company’s operations in Mexico, from July through December 2019 for $5,000 per month.