Lode-Star Mining (LSMG) 10-Q 27 Jul 20 2020 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2020	Jul. 24, 2020
Document And Entity Information
Entity Registrant Name	Lode-Star Mining Inc.
Entity Central Index Key	0001319643
Document Type	10-Q
Document Period End Date	Jun. 30, 2020
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Is Entity's Reporting Status Current?	Yes
Entity Filer Category	Non-accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	true
Entity Shell Company	false
Entity Interactive Data Current	Yes
Entity Incorporation State Country Code	NV
Entity File Number	000-53676
Entity Common Stock, Shares Outstanding		50,605,965
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2020

BALANCE SHEETS (Unaudited)

BALANCE SHEETS (Unaudited) - USD ($)	Jun. 30, 2020	Dec. 31, 2019
Current Assets
Cash	$ 8,433	$ 10,499
Prepaid fees	32,688	2,078
Total current assets	41,121	12,577
Mineral property interest, unproven	230,180	230,180
Total assets	271,301	242,757
Current Liabilities
Accounts payable and accrued liabilities	49,632	8,014
Due to related parties and accrued interest	1,833,261	1,598,114
Loans payable and accrued interest	0	5,819
Total current liabilities	1,882,893	1,611,947
Capital Stock
Authorized: 480,000,000 voting common shares with a par value of $0.001 per share 20,000,000 preferred shares with a par value of $0.001 per share, issued: 50,605,965 common shares and no preferred shares at June 30, 2020 and December 31, 2019	3,425	3,425
Additional paid-in capital	1,630,625	1,628,646
Accumulated deficit	(3,245,642)	(3,001,261)
Total stockholders' deficiency	(1,611,592)	(1,369,190)
Total liabilities and stockholders' deficiency	$ 271,301	$ 242,757

BALANCE SHEETS (Parenthetical)

BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2020	Dec. 31, 2019
STOCKHOLDERS' DEFICIENCY
Common stock, par value	$ 0.001	$ 0.001
Common stock, authorized	480,000,000	480,000,000
Common stock, issued	50,605,965	50,605,965

STATEMENTS OF OPERATIONS (Unaud

STATEMENTS OF OPERATIONS (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Income Statement [Abstract]
Revenue	$ 0	$ 0	$ 0	$ 0
Expenses
Consulting services	31,632	8,834	97,482	23,233
Corporate support services	452	469	921	927
Exploration and evaluation	6,410	0	6,410	0
Mineral option fees	25,000	25,012	49,988	49,988
Office, foreign exchange and sundry	3,722	1,882	7,062	7,709
Professional fees	20,934	12,102	23,204	26,727
Transfer and filing fees	2,357	1,923	20,019	18,319
Total operating expenses	90,507	50,222	205,086	126,903
Operating loss	(90,507)	(50,222)	(205,086)	(126,903)
Other Expenses
Interest, bank and finance charges	(20,366)	(14,358)	(39,295)	(29,636)
Net loss for the period	$ (110,873)	$ (64,580)	$ (244,381)	$ (156,539)
Basic and diluted net loss per common share	$ 0	$ 0	$ 0	$ 0
Weighted average number of common shares outstanding - basic and diluted	50,605,965	50,605,965	50,605,965	50,605,965

STATEMENTS OF CASH FLOWS (Unaud

STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Operating Activities
Net loss for the period	$ (244,381)	$ (156,539)
Adjustments to reconcile net loss to net cash used in operating activities:
Foreign exchange (gain) loss	(92)	155
Stock options issued for services	1,979	5,446
Changes in operating assets and liabilities:
Prepaid fees	(30,717)	(84)
Accounts payable and accrued liabilities	98,182	25,384
Due to related parties	49,988	49,988
Accrued interest payable	32,975	22,754
Net cash used in operating activities	(92,066)	(52,896)
Financing Activities
Repayment of loans payable	0	(6,000)
Proceeds from loans payable - related party	90,000	65,000
Net cash provided by financing activities	90,000	59,000
Net (decrease) increase in cash	(2,066)	6,104
Cash, beginning of period	10,499	6,508
Cash, end of period	8,433	12,612
Supplemental Disclosure of Cash Flow Information
Cash paid during the period for interest	0	0
Cash paid during the period for income taxes	0	0
Non-cash Financing Activity
Expenses paid by related party on behalf of the Company	$ 56,564	$ 24,050

1. BASIS OF PRESENTATION AND NA

1. BASIS OF PRESENTATION AND NATURE OF OPERATIONS	6 Months Ended
	Jun. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
NOTE 1 - BASIS OF PRESENTATION AND NATURE OF OPERATIONS	Organization Lode-Star Mining Inc. (“the Company”) was incorporated in the State of Nevada, U.S.A., on December 9, 2004. The Company’s principal executive offices are in Reno, Nevada. The Company was originally formed to acquire exploration stage natural resource properties. The Company acquired a mineral property interest from Lode Star Gold Inc., a private Nevada corporation (“LSG”) on December 11, 2014 in consideration for the issuance of 35,000,000 common shares of the Company. As a result of this transaction, control of the Company was acquired by LSG. Going Concern The accompanying unaudited interim financial statements have been prepared assuming the Company will continue as a going concern. The future of the Company is dependent upon its ability to establish a business and to obtain new financing to execute its business plan. As shown in the accompanying financial statements, the Company has had no revenue and has incurred accumulated losses of $3,245,642 as of June 30, 2020. These factors raise substantial doubt about the Company’s ability to continue as a going concern. To continue as a going concern, the Company will need, among other things, additional capital resources. The Company is significantly dependent upon its ability and will continue to attempt to secure additional equity and/or debt financing. There are no assurances that the Company will be successful and without sufficient financing, it would be unlikely for the Company to continue as a going concern. These financial statements do not include any adjustments relating to the recoverability and classification of recorded assets, or the amounts of and classification of liabilities that might be necessary in the event the Company cannot continue in existence. Basis of Presentation The unaudited interim financial information furnished herein reflects all adjustments which, in the opinion of management, are necessary to fairly state the Company’s financial position and the results of its operations for the periods presented. These financial statements should be read in conjunction with the Company’s financial statements and notes thereto included in the Company’s report on Form 10-K for the year ended December 31, 2019. The Company assumes that the users of the interim financial information herein have read, or have access to, the audited financial statements for the preceding fiscal year, and that the adequacy of additional disclosure needed for a fair presentation may be determined in that context. Accordingly, footnote disclosures, which would substantially duplicate the disclosures contained in the Company’s financial statements for the fiscal year ended December 31, 2019, have been omitted. The results of operations for the six months ended June 30, 2020 are not necessarily indicative of results for the entire year ending December 31, 2020.

2. SUMMARY OF SIGNIFICANT ACCOU

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2020
Accounting Policies [Abstract]
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	The financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”). Because a precise determination of many assets and liabilities is dependent upon future events, the preparation of financial statements for a period necessarily involves the use of estimates which have been made using careful judgment. All dollar amounts are in U.S. dollars unless otherwise noted. The financial statements have, in management’s opinion, been properly prepared within reasonable limits of materiality. The Company has implemented all applicable new accounting pronouncements that are in effect. Those pronouncements did not have any material impact on the financial statements unless otherwise disclosed, and the Company does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations.

3. MINERAL PROPERTY INTEREST

3. MINERAL PROPERTY INTEREST	6 Months Ended
	Jun. 30, 2020
Extractive Industries [Abstract]
NOTE 3 - MINERAL PROPERTY INTEREST	The Company’s mineral property interest is a group of thirty-one claims known as the “Goldfield Bonanza Project” (the “Property”), in the State of Nevada. Pursuant to an option agreement dated October 14, 2014 with Lode-Star Gold INC. (“LSG”), a private Nevada corporation, the Company acquired an initial 20% undivided interest in and to the mineral claims owned by LSG and an option to earn a further 60% interest in the claims. LSG received 35,000,000 shares of the Company’s common stock and is its controlling shareholder. Until the Company has earned the additional 60% interest, the net smelter royalty will be split 79.2% to LSG, 19.8% to the Company and 1% to the former Property owner. To earn the additional 60% interest, the Company is required to fund all expenditures on the Property and pay LSG an aggregate of $5 million in cash in the form of a net smelter royalty, commencing after December 11, 2014. If the Company fails to make any cash payments to LSG within one year of the date of the option agreement, it is required to pay LSG an additional $100,000, and in any subsequent years in which the Company fails to complete the payment of the entire $5 million, it must make quarterly cash payments to LSG of $25,000. On January 11, 2017 LSG agreed to defer payment of all amounts due in accordance with the mineral option agreement until further notice. On January 17, 2017, the Company and LSG agreed that as of January 1, 2017, all outstanding balances shall carry a compound interest rate of 5% per annum. It was further agreed that the ongoing payment deferral shall apply to both interest and principal. The total amount of such fees due at June 30, 2020 was $573,901 (December 31, 2019: $523,913), with total interest due in the amount of $72,170 (December 31, 2019: $57,414). On October 31, 2019, the Company and LSG executed an amendment (the “Amendment”) to their mineral option agreement dated October 4, 2014 (the “Option Agreement”). According to the terms of the Option Agreement the Company acquired an initial 20% undivided interest in and to the mineral claims owned by LSG and an option to earn a further 60% interest in the claims. Under the Amendment, the exercise of the 60% option was restructured into two separate 30% options, such that the Company may now earn a 30% interest in the Property (for a total of 50%) (the “Second Option”) by completing the following actions: ● paying LSG $5 million in cash from the Property’s mineral production proceeds in the form of a NSR royalty (the “Initial Payment”); ● paying LSG all accrued and unpaid penalty payments under the Option Agreement; ● repaying to LSG (i) all loans, advances or other payments made by LSG to the Company and (ii) all expenditures on the Property funded by or on behalf of LSG until the date on which the Initial Payment has been completed; and ● funding all expenditures on the Property until the date on which the Initial Payment has been completed. Following the exercise of the Second Option, the Company may earn an additional 30% interest in the Property (for a total of 80%) (the “Third Option”) by completing the following actions: ● paying LSG a further $5 million in cash from the Property’s mineral production proceeds in the form of an NSR royalty (the “Final Payment”); and ● funding all expenditures on the Property from the date on which the Second Option is exercised until the date on which the Final Payment has been completed. The primary effect of the Amendment is therefore to increase to the purchase price for the additional 60% interest in the Property from $5 million to $10 million, while at the same time separating it into tranches. The Amendment also corrects a number of inconsistencies in the Option Agreement, updates the defined terms to accommodate the creation of the Second Option and Third Option, and includes acknowledgements of the Company regarding accrued and unpaid penalty payments and amounts owing by the Company to LSG as of September 30, 2019. On January 22, 2020, the Company executed a toll milling agreement (the “Agreement”) with Scorpio Gold Corporation’s affiliate, Goldwedge LLC. The Agreement will allow for the processing of ore delivered from the Company’s Property to the 400 ton per day Goldwedge milling facility located in Manhattan, Nevada. Based on previous metallurgical testing, the Company’s ore requires gravity combined with flotation for optimal recoveries of contained precious metals. The Goldwedge milling circuit is currently configured with a gravity recovery circuit. Under the terms of the Agreement, the Company will advance funds required for the design, engineering, permitting and modifications to the Goldwedge facility to include the addition of a flotation circuit, supporting reagent tanks/silos, secondary lining of process containment ponds, leak detection and monitoring wells associated with fluid containments. The Agreement provides for the Company to recoup the advanced funds through a reduction in toll milling rates until all advanced funds have been repaid. Following repayment, the toll charges will revert to standard rates. The Company assessed its mineral property interest to the date of issue of these financial statements and concluded that facts and circumstances do not suggest that the mineral property interest’s carrying value exceeds its recoverable amount and therefore no impairment is required.

4. CAPITAL STOCK

4. CAPITAL STOCK	6 Months Ended
	Jun. 30, 2020
Equity [Abstract]
NOTE 4 - CAPITAL STOCK	Capitalization The authorized capital of the Company is 500,000,000 shares of capital stock, divided into 480,000,000 shares of common stock with a par value of $0.001 per share, and 20,000,000 shares of preferred stock with a par value of $0.001 per share. The Company reserved 10,000,000 shares of common stock for issuance under its 2016 Omnibus Equity Incentive Plan. The Company has issued 50,605,965 common shares and no preferred shares. During the six months ended June 30, 2020, the Company did not issue any shares of its common stock. Options A total of 10,000,000 options are issued and outstanding, of which 9,750,000 were vested at June 30, 2020. The remaining 250,000 will vest on November 20, 2020. On November 20, 2018, the Company granted 500,000 non-qualified stock options pursuant to its Equity Incentive Plan, to key outside consultants, with 50% vesting after one year and 50% vesting after two years. Each option is exercisable into one share of the Company’s common stock at a price of $0.06 per share, for a term of five years. The options had an estimated grant date fair value of $10,408. For the six month period ended June 30, 2020, $1,979 (June 30, 2019 - $5,446) was included in consulting services expense, based on fair value estimates determined using the Black-Scholes option pricing model with an average risk-free rate of 2.88%, a weighted average life of 5 years, volatility of 195.37%, and dividend yield of 0%. At June 30, 2020, the options (including the unvested 250,000) had an intrinsic value of $40,000 (December 31, 2019: $7,000) based on the exercise price of $0.06 per option and a market price of $0.14 per share on the closest trading date (December 31, 2019: $0.074). On February 14, 2017, the Company granted 9,500,000 non-qualified stock options pursuant to its Equity Incentive Plan, to key corporate officers and outside consultants, with 25% vesting immediately and a further 25% vesting every six months thereafter for eighteen months. Each option is exercisable into one share of the Company’s common stock at a price of $0.06 per share, equal to the closing price of the common stock on the grant date, for a term of five years. The options had an estimated grant date fair value of $536,750. The options were fully expensed by the end of the third quarter of 2018, based on fair value estimates determined using the Black-Scholes option pricing model. Therefore, no related expense was incurred in the current 2020 period or the comparative 2019 period. At June 30, 2020, the options had an intrinsic value of $760,000 (December 31, 2019: $133,000) based on the exercise price of $0.06 per option and a market price of $0.14 per share on the closest trading date (December 31, 2019: $0.074). Summary of option activity in the current six-month period and options outstanding at June 30, 2020: Years Life Remaining Years June 30, 2020 Options (Issued) Weighted Average Intrinsic Dec 31 Jun 30 Life Remaining Value Issued Vested 2019 2020 (Issued) Expiry Date (Issued) Issued February 14, 2017 9,500,000 9,500,000 2.13 1.63 February 14, 2022 $760,000 Issued November 20, 2018 500,000 250,000 3.89 3.39 November 20, 2023 $40,000 Balance December 31, 2019 10,000,000 9,750,000 2.21 Issued / Expired / Exercised — — Vested — — Balance June 30, 2020 10,000,000 9,750,000 1.71 $800,000 Warrants During the six months ended June 30, 2020, no warrants to purchase shares of common stock were issued, exercised, or expired. At June 30, 2020, warrants issued in 2015 had an intrinsic value of $400,327 (December 31, 2019: $180,147), based on the exercise price of $0.02 per warrant and a market price of $0.14 per share on the closest trading date (December 31, 2019: $0.074). Summary of warrant activity in the current six-month period and warrants outstanding at June 30, 2020: Number of Exercise Weighted Weighted Expiry Date Intrinsic Balance December 31, 2019 3,336,060 $ 0.02 $ 0.02 0.89 November 19, 2020 $ 180,847 Issued / Expired / Exercised — Balance outstanding and exercisable at June 30, 2020 3,336,060 $ 0.02 $ 0.02 0.39 November 19, 2020 $ 400,327

5. LOANS PAYABLE

5. LOANS PAYABLE	6 Months Ended
	Jun. 30, 2020
Loans Payable [Abstract]
NOTE 5 - LOANS PAYABLE	During the six-month period ended June 30, 2020, the Company repaid $5,819, which was the outstanding accrued interest due on a non-related party loan. During the year ended December 31, 2019, the Company repaid $14,929 of accrued interest and $5,000 of principal of the loan.

6. RELATED PARTY TRANSACTIONS A

6. RELATED PARTY TRANSACTIONS AND AMOUNTS DUE	6 Months Ended
	Jun. 30, 2020
Related Party Transactions [Abstract]
NOTE 6 - RELATED PARTY TRANSACTIONS AND AMOUNTS DUE	At June 30, 2020, the Company had the following amounts due to related parties: i) $303,625 (December 31, 2019: $247,060): unsecured; interest at 5% per annum; with no specific terms of repayment, due to LSG, the Company’s majority shareholder. Accrued interest payable on the loans at June 30, 2020 was $39,268 (December 31, 2019: $32,414). During the current six months, LSG paid expenses directly on behalf of the Company totaling $56,564 (2019: $24,050). ii) $685,000 (December 31, 2019: $635,000): unsecured; interest at 5% per annum from January 1, 2015; with no specific terms of repayment, due to LSG, the Company’s majority shareholder. Accrued interest payable on the loan at June 30, 2020 was $115,012 (December 31, 2019: $98,464). During the current six months, the Company borrowed $50,000 (2019: $65,000) from LSG. iii) $3,650 (December 31, 2019: $3,850): unsecured; non-interest bearing; with no specific terms of repayment, due to the controlling shareholder of LSG. The change in value during the six months was due to fluctuation in the US to Canadian dollar exchange rate. iv) $40,000 (December 31, 2019: $0): unsecured; interest at 5% per annum; with no specific terms of repayment, due to the controlling shareholder of LSG. Accrued interest payable on the loan at June 30, 2020 was $635 (December 31, 2019: $0). At June 30, 2020, total interest accrued on the above related party loans was $154,915 (December 31, 2019: 130,878). During the current six-month period, there was a $200 foreign exchange gain (2019: $155 loss) due to a related party loan amount in non-US currency. No stock-based compensation to related parties was incurred during the current six-month period or to the end of Q2, 2019. During the current six-month period, the Company incurred $49,988 (2019: $49,988) in mineral option fees payable to LSG, which have been accrued. The total amount of such fees due at June 30, 2020 was $573,901 (December 31, 2019: $523,913), with total interest due in the amount of $72,170 (December 31, 2019: $57,414). At June 30, 2020, the total due to related parties of $1,833,261 (December 31, 2019: $1,598,114) was comprised of the following: ● Loans and accrued interest - $1,187,190 (December 31, 2019: $1,016,788) ● Mineral option fees payable and accrued interest - $646,071 (December 31, 2019: $581,326) During each of the quarters in the current period, $25,000 (Q2 and Q1 2019: $Nil) in consulting fees for strategic and mine development was accrued as payable to the Company’s President. At June 30, 2020, the total of such fees payable was $42,500 (December 31, 2019: $0).

7. CONTRACTUAL OBLIGATIONS AND

7. CONTRACTUAL OBLIGATIONS AND COMMITMENTS	6 Months Ended
	Jun. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
NOTE 7 - CONTRACTUAL OBLIGATIONS AND COMMITMENTS	See Note 3 for details about the Company’s obligations and commitments regarding its Mineral Property Interest.

4. CAPITAL STOCK (Tables)

4. CAPITAL STOCK (Tables)	6 Months Ended
	Jun. 30, 2020
Equity [Abstract]
Summary of option activity	Years Life Remaining Years June 30, 2020 Options (Issued) Weighted Average Intrinsic Dec 31 Jun 30 Life Remaining Value Issued Vested 2019 2020 (Issued) Expiry Date (Issued) Issued February 14, 2017 9,500,000 9,500,000 2.13 1.63 February 14, 2022 $760,000 Issued November 20, 2018 500,000 250,000 3.89 3.39 November 20, 2023 $40,000 Balance December 31, 2019 10,000,000 9,750,000 2.21 Issued / Expired / Exercised — — Vested — — Balance June 30, 2020 10,000,000 9,750,000 1.71 $800,000
Summary of warrant activity	Number of Exercise Weighted Weighted Expiry Date Intrinsic Balance December 31, 2019 3,336,060 $ 0.02 $ 0.02 0.89 November 19, 2020 $ 180,847 Issued / Expired / Exercised — Balance outstanding and exercisable at June 30, 2020 3,336,060 $ 0.02 $ 0.02 0.39 November 19, 2020 $ 400,327

1. BASIS OF PRESENTATION AND _2

1. BASIS OF PRESENTATION AND NATURE OF OPERATIONS (Details Narrative) - USD ($)	6 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
State of incorporation	NV
Accumulated losses	$ (3,245,642)	$ (3,001,261)

4. CAPITAL STOCK (Details)

4. CAPITAL STOCK (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2020	Dec. 31, 2019	Dec. 31, 2018
Number of options,outstanding, beginning	10,000,000	10,000,000	9,500,000
Number of options, issued	0		500,000
Number of options, expired	0
Number of options, exercised	0
Number of options, vested	0
Number of options, outstanding, ending	10,000,000	10,000,000	10,000,000
Weighted average exercise price, beginning	$ 0.06	$ 0.06	$ .06
Weighted average exercise price, ending	$ .06	$ 0.06	$ 0.06
Weighted-average remaining contractual term, issued			4 years 10 months 20 days
Weighted-average remaining contractual term, outstanding, ending	1 year 8 months 16 days	2 years 2 months 16 days	3 years 2 months 16 days
Expiry date, outstanding, beginning			Feb. 14, 2022
Expiry date, issued			Nov. 20, 2023
Aggregate intrinsic value, outstanding, ending	$ 800,000
Vested
Number of options,outstanding, beginning	9,750,000	9,500,000	9,500,000
Number of options, issued	0
Number of options, expired	0
Number of options, exercised	0
Number of options, vested	0	250,000
Number of options, outstanding, ending	9,750,000	9,750,000	9,500,000

4. CAPITAL STOCK (Details 1)

4. CAPITAL STOCK (Details 1) - Warrant	6 Months Ended
	Jun. 30, 2020USD ($)$ / sharesshares
Number of warrants, outstanding, beginning | shares	3,336,060
Number of warrants, issued | shares	0
Number of warrants, expired | shares	0
Number of warrants, exercised | shares	0
Number of warrants, outstanding, ending | shares	3,336,060
Weighted average exercise price, outstanding, beginning | $ / shares	$ .02
Weighted average exercise price, issued | $ / shares	.00
Weighted average exercise price, expired | $ / shares	.00
Weighted average exercise price, exercised | $ / shares	.00
Weighted average exercise price, outstanding, ending | $ / shares	$ .02
Weighted average life remaining (years), outstanding, beginning	10 months 20 days
Weighted average life remaining (years), outstanding, ending	4 months 20 days
Expiry date	Nov. 19, 2020
Intrinsic value, outstanding, beginning | $	$ 180,847
Intrinsic value, outstanding, ending | $	$ 400,327

5. LOANS PAYABLE (Details Narra

5. LOANS PAYABLE (Details Narrative) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Loans Payable [Abstract]
Accrued interest paid	$ 5,819	$ 14,929

6. RELATED PARTY TRANSACTIONS_2

6. RELATED PARTY TRANSACTIONS AND AMOUNTS DUE (Details Narrative) - USD ($)	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Accrued interest payable, related parties	$ 154,915		$ 130,878
Foreign exchange (gain) loss	(200)	$ 155
Stock-based compensation	0	0
Mineral option fees incurred	49,988	$ 49,988
Mineral option fees payable	573,901		523,913
Interest payable on mineral option fees	72,170		57,414
Total due to related parties	1,833,261		1,598,115
Loans and accrued interest	1,187,190		1,016,788
Mineral option fees payable and accrued interest	646,071		581,327
Majority Shareholder 1
Due to related parties	303,625		247,060
Accrued interest payable, related parties	39,268		32,414
Majority Shareholder 2
Due to related parties	685,000		635,000
Accrued interest payable, related parties	115,012		98,464
Controlling Shareholder
Due to related parties	3,650		3,850
Controlling Shareholder 2
Due to related parties	40,000		0
Accrued interest payable, related parties	635		0
President
Due to related parties	$ 42,500		$ 0