XML 28 R12.htm IDEA: XBRL DOCUMENT v3.22.2
Related Parties
6 Months Ended
Jun. 30, 2022
Related Party Transactions [Abstract]  
Related Parties [Text Block]

6. Related Parties

Board of Directors Compensation

On March 16, 2022, the Company's Compensation Committee recommended that the Company's Board of Directors receive nominal compensation for their service. The Company's Board of Directors passed the resolution for Board members compensation on March 21, 2022. During the three-month period ended June 30, 2022, total amount of compensation paid to the Board of Directors was $13,650.

Notes Payable

On June 30, 2022, the Company had a note payable balance of $28,768 due to Eric Jones. Mr. Jones is the Company's President and Chief Executive Officer. Mr. Jones received $38,000 in payments during the quarter ended June 30, 2022. The note, as amended, stopped accruing monthly interest on January 1, 2021. Mr. Jones had accrued interest payable at June 30, 2022 and December 31, 2021 of $47,698.

James Collord, the Company's Vice President and Chief Operating Officer was paid $40,000, paying off the principal of the note payable balance of $39,808 as well as $192 of accrued interest during the six months ended June 30, 2021. On May 16, 2022 Mr. Collord received a payment of accrued interest of $12,479, and had accrued interest payable at June 30, 2022 and December 31, 2021 of $20,000 and $32,479, respectfully.

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 June 30, 2022 and December 31, 2021 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"), at the time a company owned by one of the Company's former directors, to provide legal services. The Company's director Joseph Baird retired from the Board of Directors of Thunder Mountain Gold, Inc., and from all other positions or offices with the Company effective April 11, 2022. Baird received $10,000 in payments during the quarter ended June 30, 2022. At June 30, 2022 and December 31, 2021, the balance due to Baird for prior years' legal services was $156,685 and $166,685, respectfully.

On May 10, 2022, the Company agreed to facilitate the sale of 1,000,000 shares of the Company's common stock held by Joseph Baird, one of the Company's former directors and a shareholder. In anticipation of the sale, the Company received $10,000 for the sale of shares that had not yet transferred to the purchasers. The Company held funds in prepaid expense, deposits and other assets with a corresponding liability due to Mr. Baird of $10,000 classified in accounts payable and other accrued liabilities on its consolidated balance sheet at June 30, 2022.