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Related Parties
12 Months Ended
Dec. 31, 2021
Related Party Transactions [Abstract]  
Related Parties [Text Block]

7. Related Parties

Notes Payable

At December 31, 2021, the Company had a notes payable balance of $66,768 due to Eric Jones. Mr. Jones is the Company's President and Chief Executive Officer. Mr. Jones received no payments during the year ended December 31, 2021. The note, as amended, stop accruing monthly interest on January 1, 2021, and payment was due on December 31, 2021. Mr. Jones had accrued interest payable at December 31, 2021 and 2020 of $47,698.

James Collord, the Company's Vice President and Chief Operating Officer was paid $40,000, paying off the principle of the note payable balance of $39,808 as well as $192 of accrued interest during the year ended December 31, 2021. The note, as amended, stopped accruing monthly interest on January 1, 2021, and payment was due on December 31, 2021.

For the year ended December 31, 2021, Mr. Collord exercised stock options, using $8,163 of accrued interest plus $2,500 in deferred wages, net of $663 in related taxes, to cover the option exercise price of $ 10,000. Accrued interest payable to Mr. Collord as of December 31, 2021 and 2020 was $32,479 and $40,834, respectively. Mr. Jones and Mr. Collord amended their accrued interest payment due dates to December 31, 2022.

On November 8, 2021, the Company agreed to facilitate the sale of 1,000,000 common stock shares in the name of Joseph Baird one of the Company's directors. In anticipation of the sale, the Company received and held funds in its bank account. On December 1, 2021, the common stock shares were transferred to its new owner, and funds were released to Joseph Baird.

Deferred Officer Compensation

Three of the Company's officers began deferring compensation for services on April 1, 2015. On July 31, 2018, the Company stopped expensing and deferring compensation for the three Company officers in the interest of marketing the SMMI project. As part of the BeMetals agreement (Note 3), the Company resumed compensation for these officers on May 15, 2019. The officers deferred compensation balances at December 31, 2021 and 2020 represent the balances deferred prior to the BeMetals agreement and are as follows: Eric Jones, President and Chief Executive Officer - $420,000; Jim Collord, Vice President and Chief Operating Officer - $420,000; and Larry Thackery, Chief Financial Officer - $201,500.

Accrued Related Party Liability

The Company engaged Baird Hanson LLP ("Baird"), a company owned by one of the Company's directors, to provide legal services. At December 31, 2021 and 2020, the balance due to Baird for prior years' legal services was $166,685 and $186,685, respectfully. For the year ended December 31, 2021 the Company made payments to Baird totaling $20,000 on the outstanding balance.