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5. Equipment Sale
12 Months Ended
Dec. 31, 2018
Property, Plant and Equipment [Abstract]  
Equipment Sale

NOTE 5.                       EQUIPMENT SALE

 

During the year ended December 31, 2018, the Company sold certain mining equipment for cash totaling $82,500. As of the date of sale, the equipment did not have any remaining net book value. The Company’s Chairman and sole executive officer, Mark Kersey, is a significant but non-controlling member and director of the privately held purchaser of the equipment. As a result of the sale, the Company recognized a gain of $82,500 in the accompanying statements of operations.

 

In February 2017, the Company sold mining equipment with a carrying value of $79,678 for a gross sales price of $50,000. As part of the sale, the Company incurred commissions totaling $2,825 included in the loss on sale of $32,503.