XML 46 R34.htm IDEA: XBRL DOCUMENT v3.20.2
NOTES PAYABLE (Details) - USD ($)
Sep. 30, 2020
Dec. 31, 2019
Note Payable Mining Equipment $ 59,370 $ 458,728
Note payable, net of $2,682 debt discount and $29,948 deferred financing cost [1] 59,370 0
Less: Current Portion (59,370) (458,728)
Notes Payable, Long-Term Portion 0 0
Note Payable Mining Equipment [Member]    
Note Payable Mining Equipment [2] 0 250,000
Note Payable Insurance Company One [Member]    
Note Payable Mining Equipment [3],[4] $ 0 $ 208,728
[1] On February 13, 2020, the Company entered into a secured loan agreement and issued a note in the principal amount of $125,000 (including a 5% OID). 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.
[2] 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.
[3] 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.
[4] 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.