NOTES PAYABLE (Tables)

9 Months Ended

Sep. 30, 2020

Debt Disclosure [Abstract]

Schedule of Debt [Table Text Block]

Notes payable at September 30, 2020 and December 31, 2019 consist of the following:

	September 30, 2020			December 31, 2019
Note payable against exploration rights agreement, including interest (a)	$	-		$	250,000
Note payable, net of $2,682 debt discount and $29,948 deferred financing costs (b)		59,370			-
Note payable to insurance companies, payable $1,732 – $24,808 monthly, (c) and (d)		-			208,728
		59,370			458,728
Less: Current Portion		(59,370	)		(458,728	)
Notes Payable, Long-Term Portion	$	-		$	-

(a) On November 13, 2019, the Company entered into an agreement with a related party. Per the terms of the agreement, the Company has borrowed $250,000 against an expected annual renewal payment for an exploration license it granted as part of an Exploration Agreement with Option to Purchase entered into with Continental Minerals Claims, Inc. in December 2017, in exchange for $200,000 in cash. The loan was unsecured and paid off in February 2020.  There was no interest rate specified.

(b) On February 13, 2020, the Company entered into a secured convertible loan agreement and issued a note in the principal amount of $125,000 (including a 5% OID of $6,250). The note also bears a 5% per annum interest. The maturity date of the note is 12 months from funding date. The note is convertible at any time into the Company’s Common Stock. The initial conversion price is $.02 per share. After one hundred eighty days after the date of the note, the conversion price will be the lower of (i) $.02 or (ii) 75% multiplied by the lowest traded price of the common stock during the 20 consecutive trading day period immediately preceding the date of the respective conversion. The convertible note had a net change in fair value of $23,000.

(c) On October 2019, the Company signed a note payable with interest rate of 4.89% with an insurance company for liability insurance, payable in 10 monthly installment payments which started on November 17, 2019.

(d) On October 2019, the Company signed a note payable with interest rate of 7.04% with an insurance company for liability insurance, payable in 10 monthly installment which started on November 17, 2019.