Goldrich Mining (GRMC) 10-Q 22 Aug 16 2016 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2016	Aug. 17, 2016
Entity Registrant Name	Goldrich Mining Company
Document Type	10-Q
Document Period End Date	Jun. 30, 2016
Amendment Flag	false
Entity Central Index Key	59,860
Current Fiscal Year End Date	--12-31
Entity Common Stock, Shares Outstanding		131,232,809
Entity Filer Category	Smaller Reporting Company
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q2
Trading Symbol	grmc

Goldrich Mining Company Consoli

Goldrich Mining Company Consolidated Balance Sheets - USD ($)		Jun. 30, 2016	Dec. 31, 2015
Current assets:
Cash and cash equivalents		$ 18,967	$ 78,609
Gold Inventory		2,433	2,433
Prepaid claim fees		13,928	55,713
Prepaid expenses		57,088	21,466
Other current assets		49,176	49,176
Total current assets		141,592	207,397
Property, plant, equipment, and mining claims:
Equipment, net of accumulated depreciation		30,879	47,886
Mining properties and claims		582,166	582,166
Total property, plant, equipment and mining claims		613,045	630,052
Total assets		754,637	837,449
Current liabilities:
Accounts payable and accrued liabilities		319,710	219,723
Related party payable		131,526	96,824
Deferred compensation		82,500
Notes payable in gold		509,568	509,568
Note payable, net of discount		281,960
Dividend payable on preferred stock		30,618	30,618
Total current liabilities		1,355,882	856,733
Long-term liabilities:
Note payable, net of discount			265,423
Remediation and asset retirement obligation		365,357	359,173
Total long-term liabilities		365,357	624,596
Total liabilities		1,721,239	1,481,329
Commitments	[1]	0	0
Stockholders' deficit:
Preferred stock; no par value, 8,999,200 shares authorized:no shares issued or outstanding		0	0
Convertible preferred stock series A; 5% cumulative dividends, no par value, 1,000,000 shares authorized; 150,000 shares issued and outstanding, $300,000 liquidation preferences		150,000	150,000
Convertible preferred stock series B; no par value, 300 shares authorized, 200 shares issued and outstanding, $200,000 liquidation preference		57,758	57,758
Convertible preferred stock series C; no par value, 250 shares authorized, issued and outstanding, $250,000 liquidation preference		52,588	52,588
Convertible preferred stock series D; no par value, 150 shares authorized, 100 shares issued and outstanding, $100,000 liquidation preference		0	0
Common stock; $.10 par value, 250,000,000 shares authorized; 131,232,809 issued and outstanding		13,123,281	13,123,281
Additional paid-in capital		13,484,498	13,384,498
Accumulated deficit		(27,834,727)	(27,412,005)
Total stockholders' deficit		(966,602)	(643,880)
Total liabilities and stockholders' deficit		$ 754,637	$ 837,449
[1]	Note 8

Statement of Financial Position

Statement of Financial Position - Parenthetical - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Statement of financial position
Preferred Stock, Par Value	$ 0	$ 0
Preferred Stock, Shares Authorized	8,999,450	8,999,450
Preferred Stock, Shares Issued	0	0
Preferred Stock, Shares Outstanding	0	0
Convertible preferred stock series A, no par value, 5% cumulative dividends, shares authorized	1,000,000	1,000,000
Convertible preferred stock series A, shares issued	150,000	150,000
Convertible preferred stock series A, shares outstanding	150,000	150,000
Liquidation preference	$ 300,000	$ 300,000
Convertible preferred stock series B, no par value, shares authorized	300	300
Convertible preferred stock series B, shares issued	200	200
Convertible preferred stock series B, shares outstanding	200	200
Liquidation preference, additional series	$ 200,000	$ 200,000
Convertible preferred stock series C no par value, shares authorized	250	250
Convertible preferred stock series C, shares issued	250	250
Convertible preferred stock series C, shares outstanding	250	250
Liquidation preference, series C	$ 250,000	$ 250,000
Convertible preferred stock series D no par value, shares authorized	150	150
Convertible preferred stock series D, shares issued	100	100
Convertible preferred stock series D, shares outstanding	100	100
Liquidation preference, series D	$ 100,000	$ 100,000
Common Stock, Par Value	$ 0.10	$ 0.10
Common Stock, Shares Authorized	250,000,000	250,000,000
Common Stock, Shares Issued	131,232,809	131,232,809
Common Stock, Shares Outstanding	131,232,809	131,232,809

Goldrich Mining Company Consol4

Goldrich Mining Company Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Operating expenses:
Exploration	$ 8,874	$ 186	$ 21,863	$ 15,678
Depreciation and amortization	8,379	21,191	17,007	45,014
Management fees and salaries	56,063	52,031	109,969	117,219
Professional services	11,913	12,408	43,254	43,987
General and administrative	54,347	64,948	107,572	121,133
Office supplies and other	3,856	1,469	5,634	3,646
Directors' fees	5,600	5,100	16,400	19,600
Mineral property maintenance	20,893	19,037	41,785	36,375
Change in remediation estimate		(111,000)		(111,000)
Loss on sale of gold purchased to satisfy notes payable in gold				8,476
Gain on sale of joint venture cash distribution interest		(986,192)		(986,192)
Total operating expenses (income)	169,925	(920,822)	363,484	(686,064)
Other (income) expense:
Interest income		(32)		(34)
Interest expense and finance costs	29,829	31,547	59,239	63,369
Total other (income) expense	29,829	31,515	59,239	63,335
Net income (loss)	(199,754)	889,307	(422,723)	622,729
Deemed dividend on Series D Preferred stock	(52,742)		(52,742)
Preferred dividends	(1,896)	(25)	(3,792)	(4,399)
Net income (loss) available to common stockholders	$ (254,392)	$ 889,282	$ (479,257)	$ 618,330
Net income (loss) per common share - basic	$ 0	$ 0.01	$ 0	$ 0
Net income (loss) per common share - diluted	$ 0	$ 0.01	$ 0	$ 0
Weighted average common shares outstanding - basic	131,232,809	130,983,355	131,232,809	129,013,798
Weighted average common shares outstanding - diluted	131,232,809	135,018,016	131,232,809	133,003,736

Goldrich Mining Company Consol5

Goldrich Mining Company Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Cash flows from operating activities:
Net income (loss)	$ (422,723)	$ 622,729
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	17,007	45,014
Gain on sale of joint venture cash distribution interest		(986,192)
Loss on sale of gold purchased		8,476
Amortization of discount on note payable and notes payable in gold	10,015	11,190
Amortization of deferred financing costs	6,523	7,573
Accretion of asset retirement obligation	6,184	5,946
Change in:
Gold inventory		60,112
Prepaid claim fees	41,784	34,675
Prepaid expenses	(35,622)	(58,097)
Accounts payable and accrued liabilities	99,987	106,100
Deferred compensation	82,500	37,500
Related party payable	34,703	12,519
Accrued remediation costs		(413,891)
Net cash used - operating activities	(159,642)	(506,346)
Cash flows from investing activities:
Net proceeds from sale of joint venture cash distribution interest		1,074,836
Net cash provided - investing activities		1,074,836
Cash flows from financing activities:
Proceeds from issuance of common stock and warrants, net of offering costs		249,193
Proceeds from issuance of preferred stock and warrants, net of offering costs	100,000
Net cash provided - financing activities	100,000	249,193
Net increase (decrease) in cash and cash equivalents	(59,642)	817,683
Cash and cash equivalents, beginning of period	78,609	206,025
Cash and cash equivalents, end of period	18,967	1,023,708
Non-cash investing and financing activities:
Beneficial conversion feature on preferred stock	47,258
Fair value of warrants issued in sale of joint venture cash distribution		$ 88,644
Relative fair value of warrants issued with preferred stock	$ 52,742

1. Basis of Presentation

1. Basis of Presentation	6 Months Ended
	Jun. 30, 2016
Notes
1. Basis of Presentation:	1. BASIS OF PRESENTATION: The unaudited financial statements have been prepared by the Company in accordance with accounting principles generally accepted in the United States of America for interim financial information, as well as the instructions to Form 10-Q. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. In the opinion of the Company’s management, all adjustments (consisting of only normal recurring accruals) considered necessary for a fair presentation of the interim financial statements have been included. Operating results for the six-month period ended June 30, 2016 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2016. For further information refer to the financial statements and footnotes thereto in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015. Going Concern The accompanying consolidated financial statements have been prepared under the assumption that the Company will continue as a going concern. The Company has incurred losses since its inception and does not have sufficient cash to fund normal operations and meet debt obligations for the next 12 months without deferring payment on certain current liabilities and/or raising additional funds. The Company currently has no historical recurring source of revenue and its ability to continue as a going concern is dependent on the Company’s ability to raise capital to fund its future exploration and working capital requirements or its ability to profitably execute its business plan. The Company’s plans for the long-term return to and continuation as a going concern include the profitable exploitation of its mining properties and financing the Company’s future operations through sales of its common stock and/or debt. Additionally, the current capital markets and general economic conditions in the United States are significant obstacles to raising the required funds. These factors raise substantial doubt about the Company’s ability to continue as a going concern. The consolidated financial statements do not include any adjustments that might be necessary should the Company be unable to continue as a going concern. If the going concern basis were not appropriate for these financial statements, adjustments would be necessary in the carrying value of assets and liabilities, the reported expenses and the balance sheet classifications used.

2. Summary of Significant Accou

2. Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2016
Notes
2. Summary of Significant Accounting Policies	2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Accounting for Investments in Joint Ventures For joint ventures in which the Company does not have joint control or significant influence, the cost method is used. Under the cost method, these investments are carried at the lower of cost or fair value. For those joint ventures in which there is joint control between the parties and in which the Company has significant influence, the equity method is utilized whereby the Company’s share of the ventures’ earnings and losses is included in the statement of operations as earnings in joint ventures and its investments therein are adjusted by a similar amount. Goldrich has no significant influence over its joint venture described in Note 3 Joint Venture For joint ventures where the Company holds more than 50% of the voting interest and has significant influence, the joint venture is consolidated with the presentation of a non-controlling interest. In determining whether significant influence exists, the Company considers its participation in policy-making decisions and its representation on the venture’s management committee. Goldrich currently has no joint venture of this nature. The Company periodically assesses its investments in joint ventures for impairment. If management determines that a decline in fair value is other than temporary it will write-down the investment and charge the impairment against operations. Earnings (Loss) Per Common Share We are authorized to issue 250,000,000 shares of common stock, $0.10 par value per share. At June 30, 2016, there were 131,232,809 shares of our common stock issued and outstanding. The following table reconciles weighted average shares outstanding used in computations of basic and diluted earnings (loss) per share for the three- and six-month periods ended June 30, 2016 and 2015: Three Months Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 Numerator: Net income (loss) $ (199,754) $ 889,307 $ (422,723) $ 622,729 Preferred dividends (54,638) (25) (56,534) (4,399) Net income (loss) available to common stockholders $ (254,392) $ 889,282 $ (479,257) $ 618,330 Denominator: Basic weighted average common shares 131,232,809 130,983,355 131,232,809 129,013,798 Dilutive preferred stock, stock options and warrants - 4,034,661 - 3,989,938 Diluted weighted average common shares 131,232,809 135,018,016 131,232,809 133,003,736 Basic earnings (loss) per common share: Net income (loss) per common share – basic $ (0.00) $ 0.01 $ (0.00) $ 0.00 Diluted earnings (loss) per common share: Net income (loss) per common share – diluted $ (0.00) $ 0.01 $ (0.00) $ 0.00 For the three- and six-month periods ended June 30, 2016, the respective effect of the Company’s 22,635,054 and 22,144,290 options and other common stock equivalents would have been anti-dilutive. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Significant estimates used in preparing these financial statements include those assumed in estimating the recoverability of the cost of mining claims, accrued remediation costs, asset retirement obligations, stock based compensation, and deferred tax assets and related valuation allowances. Actual results could differ from those estimates. Recent Accounting Pronouncements In April 2015, the FASB issued ASU No. 2015-03, “Interest Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs”. The provisions of ASU No. 2015-03 require companies to present debt issuance costs the same way they currently present debt discounts, as a direct deduction from the carrying value of that debt liability. ASU 2015-03 does not impact the recognition and measurement guidance for debt issuance costs. The guidance in the ASU is effective for fiscal years beginning after December 15, 2015. The effect of adopting this provision was to classify $7,017 and $13,539 of deferred financing against the related notes payable at June 30, 2016 and December 31, 2015, respectively. Other accounting standards that have been issued or proposed by FASB that do not require adoption until a future date are not expected to have a material impact on the consolidated financial statements upon adoption. The Company does not discuss recent pronouncements that are not anticipated to have an impact on or are unrelated to its financial condition, results of operations, cash flows or disclosures. Reclassifications Certain reclassifications have been made to conform prior period’s data to the current presentation. These reclassifications have no effect on the results of reported operations, cash flows or stockholders’ deficit.

3. Joint Venture

3. Joint Venture	6 Months Ended
	Jun. 30, 2016
Notes
3. Joint Venture	3. JOINT VENTURE On May 7, 2012, the Company entered into a joint venture (“the JV”) with NyacAU, LLC (“NyacAU”), an Alaskan private company, to bring Goldrich’s Chandalar placer gold properties into production as defined in the joint venture agreement. In each case as used herein in reference to the JV, “production” is as defined by the JV agreement. As part of the agreement, Goldrich and NyacAU formed a 50:50 joint venture company, Goldrich NyacAU Placer LLC (“GNP”), to operate the Chandalar placer mines, with NyacAU acting as managing partner. Goldrich has no significant control or influence over the JV, and therefore accounts for its investment using the cost method, which totals $nil at June 30, 2016 and December 31, 2015. Under the terms of the joint venture agreement (the “Agreement”), NyacAU provided funding to the JV. The loans are to be repaid from future production. No funding has been advanced to Goldrich itself. According to the Agreement, on at least an annual basis, the JV shall allocate and distribute all revenue (whether in cash or as gold) generated from the JV’s placer operation in the following order: 1. Current year operating expenses, 2. Members’ distribution of 20% (10% to Goldrich and 10% to NyacAU) provided that, for so long as the loan (LOC2) to GNP from NyacAU for the purchase of a royalty is not paid in full, the JV shall retain 100% of Goldrich’s distribution and apply against the loan, 3. After payment of operating expenses and the member’s distribution of 20%, the JV will apply any remaining revenue to reduce the remaining balance of the loan from NyacAU to GNP for the development of the mine (LOC1), 4. Reserves for future operating expenses and capital needs, not to exceed $3,000,000 in any year, and 5. Member distributions of any remaining gold production on a 50:50 basis to each of the JV partners provided that, for so long as the loan LOC2 is not paid in full, the JV shall retain 100% of Goldrich’s distribution and apply against the loan. On June 23, 2015, the Company raised net proceeds of $1.1 million through the sale of 12% of the cash flows Goldrich receives in the future from its interest in GNP (“Distribution Interest”) to Chandalar Gold, LLC (“CGL”), a non-related entity. Goldrich retained its ownership of its 50% interest in GNP but, after the transaction, subject to the terms of the GNP operating agreement, Goldrich will effectively receive approximately 44% and CGL will receive 6% (12% of Goldrich’s 50% of GNP = 6%) of any cash distributions produced by GNP. As part of the purchase, CGL received 2,250,000 Series P Warrants and an option to acquire an additional 10% Distribution Interest in the cash flows Goldrich receives from its interest in GNP. Each Series P Warrant is exercisable to purchase one share of common stock of the Company at $0.07, for a period of five (5) years. The Distribution Interest option to purchase an additional 10% of Goldrich’s future cash flow from GNP in consideration of a one-time cash payment of $1.3 million was not exercised before July 1, 2016 and has expired. The lead agent for the sale received a commission equal to 5% of gross proceeds raised, was granted a perpetual undivided 0.5% interest in distributions paid out by GNP to Goldrich, and was issued 1.2 million Series P-2 Warrants. Each Series P-2 Warrant is exercisable into one share of common stock of the Company for a period of five (5) years at a price of $0.05 per share. The gross fair values of the Series P and Series P-2 warrants were estimated on the issue date at $110,250 and $60,000, respectively, using the following weighted average assumptions: Risk-free interest rate 1.71% Expected dividend yield 0 Expected term (in years) 5 Expected volatility 141.7% After applying the out of pocket costs of sale of $125,164 and recognizing the relative fair value of the Series P Warrants of $88,644, the Company recognized a gain of $930,892 on the sale of the joint venture cash distribution interest after applying an adjustment of $55,300 of the Investment in joint venture asset, reducing it to $nil at December 31, 2015.

4. Related Party Transactions

4. Related Party Transactions	6 Months Ended
	Jun. 30, 2016
Notes
4. Related Party Transactions	4. RELATED PARTY TRANSACTIONS Beginning in January 2016, the salary of the Company’s President and Chief Executive Officer (“CEO”) were deferred due to a lack of finances. An amount of $82,500 and $0 has been deferred and is recorded as deferred compensation at June 30, 2016 and December 31, 2015, respectively. Beginning in January 2016, the fees of the Company’s Chief Financial Officer (“CFO”) were deferred due to a lack of finances. An amount of $28,028 and $8,726 has been accrued for his fees at June 30, 2016 and December 31, 2015, respectively. The CFO’s fees for the six month periods ended June 30, 2016 and June 30, 2015 were $27,469 and $27,219 respectively. These amounts are included in related party payable. A total of $88,098 had been accrued for directors’ fees at December 31, 2015. At June 30, 2016, $103,498 is accrued for their services performed, which is included in related party payable. Fees for the six months periods ended June 30, 2016 and June 30, 2015 were $16,400 and $19,600 respectively.

5. Note Payable

5. Note Payable	6 Months Ended
	Jun. 30, 2016
Notes
5. Note Payable	5. NOTE PAYABLE On January 24, 2014, the Company closed an unsecured senior note financing for $300,000 with a private investment firm (“the lender”) with a maturity date of January 24, 2017. Per the note agreement, the $300,000 is the first of six-staged loans for total aggregate amount of up to $2 million. The note bears interest at 15%, payable at the end of each quarter. Interest of $45,000 had been paid and expensed during the year ended December 31, 2015. During the six months ended June 30, 2016, interest of $22,500 has been paid and expensed. Repayment of all amounts owed under the note is guaranteed by Goldrich Placer LLC, the Company’s wholly owned subsidiary, which in turn owns a 50% interest in Goldrich NyacAU Placer LLC. See Note 3 Joint Venture. The note contains standard default provisions, including failure to pay interest and principal when due. At June, 2016, the Company had outstanding a total note payable of $300,000 less remaining unamortized discounts of $18,040 for a net liability of $281,960. The lender elected to defer at least the second through the fifth tranches of the note. At June 30, 2016, the lender retains the right to lend the contracted amounts of the second through fifth tranches of the note.

6. Notes Payable in Gold

6. Notes Payable in Gold	6 Months Ended
	Jun. 30, 2016
Notes
6. Notes Payable in Gold	6. NOTES PAYABLE IN GOLD At December 31, 2015 and June 30, 2016, the Company had outstanding total notes payable in gold of $509,568, representing 394.788 ounces of fine gold deliverable at November 30, 2016. The Company is not required to purchase gold on the open market to meet delivery obligations. In the event that sufficient gold is not produced to meet future distribution requirements, the Company may be required to renegotiate the terms of the notes with the holders to avoid default. A renegotiation or default may require a change in future accounting treatment to that of derivative accounting.

7. Stockholders' Equity

7. Stockholders' Equity	6 Months Ended
	Jun. 30, 2016
Notes
7. Stockholders' Equity	7. STOCKHOLDERS’ EQUITY Private Placement Offerings - Unit Private Placements 2016 Activity On April 6, 2016 and June 13, 2016, the Company completed the first and second tranches of an offer and sale of 100 shares of Series D Preferred stock, resulting in net proceeds of $100,000 to the Company. These shares were issued from the designated 10,000,000 share of Preferred Stock, par value as the Board may determine. In connection with the issuance of the Series D Preferred Stock, the Company issued a total of 3,333,333, five-year Class R warrants to purchase shares of the Company’s common stock. The Class R warrants have an exercise price of $0.045 per share of the Company’s common stock and had a relative fair value of $47,258, as determined using a Black Scholes model and allocation between the preferred shares and the warrants. The fair value of the warrants was estimated on the issue date using the following weighted average assumptions: April 6, 2016 June 13, 2016 Risk-free interest rate 1.2% 1.14% Expected dividend yield 0 0 Expected term (in years) 5 5 Expected volatility 147.2% 149.6% Additionally, a beneficial conversion feature of $52,742 was determined to exist, which represented a deemed dividend to the holders of the preferred shares recognizable immediately upon issue due to the ability to convert the shares concurrent with issuance of the preferred shares. Both the fair value of the warrants and the beneficial conversion feature were charged to additional paid in capital at the date of issuance. Subsequent to the quarter end, the Company completed the third and final tranche of 50 shares of Preferred D stock, with attached warrants, resulting in net proceeds of $50,000 to the Company (See Note 9, Subsequent Events 2015 Activity On December 7, 2015, the Company completed the offer and sale of 250 shares of Series C Preferred stock, resulting in net proceeds of $225,000 to the Company. These shares were issued from the designated 10,000,000 share of Preferred Stock, par value as the Board may determine. In connection with the issuance of the Series C Preferred Stock, the Company issued a total of 9,166,666, five-year Class Q warrants to purchase shares of the Company’s common stock, including 833,333 broker warrants. The Class Q warrants have an exercise price of $0.03 per share of the Company’s common stock and had a relative fair value of $116,162 as determined using a Black Scholes model and allocation between the preferred shares and the warrants. The fair value of the warrants was estimated on the issue date using the following weighted average assumptions: Risk-free interest rate 1.68% Expected dividend yield 0 Expected term (in years) 5 Expected volatility 141.9% Additionally, a beneficial conversion feature of $81,250 was determined to exist, which represented a deemed dividend to the holder of the preferred shares recognizable immediately upon issue due to the ability to convert the shares concurrent with issuance of the preferred shares. Both the fair value of the warrants and the beneficial conversion feature were charged to Additional paid in capital at the date of issuance. On April 7, 2015, the Company completed a private placement consisting of 5,000,000 units issued at a price of $0.05 per unit and resulted in net proceeds of $241,832. Each unit consisted of one share of the Company’s common stock and one full share Class O warrant. Each full Class O warrant is exercisable to purchase one additional common share of the Company at $0.06, for a period of five years following the date of issue. Warrants During the six-month period ended June 30, 2016, 5,125,936 class H warrants expired, 5,125,935 class I warrants expired, and 3,333,333 class R warrants were issued. At June 30, 2016, there were 59,667,525 common stock warrants outstanding with a weighted average exercise price of $0.156 and a weighted average remaining term of 3.39 years. Stock Options and Stock-Based Compensation: A summary of stock option transactions for the period ended June 30, 2016 are as follows: Shares Weighted- Average Exercise Price (per share) Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value Options outstanding at December 31, 2015 3,350,000 $ 0.24 3.81 $0 Granted - - Expired (150,000) 0.52 Options outstanding and exercisable at June 30, 2016 3,200,000 $ 0.22 3.73 $0 Options available for future grants 2,075,672 For the periods ended June 30, 2016 and 2015, the Company recognized total share-based compensation for employees and consulting directors of $nil.

8. Commitments

8. Commitments	6 Months Ended
	Jun. 30, 2016
Notes
8. Commitments	8. COMMITMENTS The Company has 426.5 acres of patented claims and 22,432 acres of non-patented claims. We are subject to annual claims rental fees in order to maintain our non-patented claims. In addition to the annual claims rental fees due November 30 of each year, we are also required to meet annual labor requirements due November 30 of each year. The Company is able to carry forward costs for annual labor that exceed the required yearly totals for four years. Following are the annual claims and labor requirements for 2016 and 2017. November 30, 2016 November 30, 2017 Claims Rental $ 84,770 $ 90,570 Annual Labor 61,100 61,100 Yearly Totals $ 145,870 $ 151,670 The Company has a carryover to 2016 of approximately $20.7 million to satisfy its annual labor requirements. This carryover expires in the years 2016 through 2021 if unneeded to satisfy requirements in those years.

9. Subsequent Events

9. Subsequent Events	6 Months Ended
	Jun. 30, 2016
Notes
9. Subsequent Events	9. SUBSEQUENT EVENTS On August 1, 2016, the Company closed the third and final tranche of a private placement for total proceeds of $50,000. The Company sold 50 shares of Series D Preferred Stock of the Company and warrants at a price per preferred share of $1,000. Each share of Series D Preferred Stock is convertible into common shares of the Company equal in number to $1,000 divided by $0.03 per share. The purchaser of each share of Series D Preferred Stock also received warrants to purchase shares of common stock of the Company equal in number to the total purchase price divided by 0.03 (rounded down), exercisable at any time beginning one year after the closing date for a term ending five years from the closing date at an exercise price of $0.045 per common share. Under certain specified circumstances, the shares are redeemable at the option of the purchaser at a rate of return on the purchase price of 15% from the date of issuance of the Preferred Shares through the date of the redemption.

2. Summary of Significant Acc15

2. Summary of Significant Accounting Policies: Accounting For Investments in Joint Ventures (Policies)	6 Months Ended
	Jun. 30, 2016
Policies
Accounting For Investments in Joint Ventures	Accounting for Investments in Joint Ventures For joint ventures in which the Company does not have joint control or significant influence, the cost method is used. Under the cost method, these investments are carried at the lower of cost or fair value. For those joint ventures in which there is joint control between the parties and in which the Company has significant influence, the equity method is utilized whereby the Company’s share of the ventures’ earnings and losses is included in the statement of operations as earnings in joint ventures and its investments therein are adjusted by a similar amount. Goldrich has no significant influence over its joint venture described in Note 3 Joint Venture For joint ventures where the Company holds more than 50% of the voting interest and has significant influence, the joint venture is consolidated with the presentation of a non-controlling interest. In determining whether significant influence exists, the Company considers its participation in policy-making decisions and its representation on the venture’s management committee. Goldrich currently has no joint venture of this nature. The Company periodically assesses its investments in joint ventures for impairment. If management determines that a decline in fair value is other than temporary it will write-down the investment and charge the impairment against operations.

2. Summary of Significant Acc16

2. Summary of Significant Accounting Policies: Earnings (loss) Per Common Share (Policies)	6 Months Ended
	Jun. 30, 2016
Policies
Earnings (loss) Per Common Share	Earnings (Loss) Per Common Share We are authorized to issue 250,000,000 shares of common stock, $0.10 par value per share. At June 30, 2016, there were 131,232,809 shares of our common stock issued and outstanding. The following table reconciles weighted average shares outstanding used in computations of basic and diluted earnings (loss) per share for the three- and six-month periods ended June 30, 2016 and 2015: Three Months Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 Numerator: Net income (loss) $ (199,754) $ 889,307 $ (422,723) $ 622,729 Preferred dividends (54,638) (25) (56,534) (4,399) Net income (loss) available to common stockholders $ (254,392) $ 889,282 $ (479,257) $ 618,330 Denominator: Basic weighted average common shares 131,232,809 130,983,355 131,232,809 129,013,798 Dilutive preferred stock, stock options and warrants - 4,034,661 - 3,989,938 Diluted weighted average common shares 131,232,809 135,018,016 131,232,809 133,003,736 Basic earnings (loss) per common share: Net income (loss) per common share – basic $ (0.00) $ 0.01 $ (0.00) $ 0.00 Diluted earnings (loss) per common share: Net income (loss) per common share – diluted $ (0.00) $ 0.01 $ (0.00) $ 0.00 For the three- and six-month periods ended June 30, 2016, the respective effect of the Company’s 22,635,054 and 22,144,290 options and other common stock equivalents would have been anti-dilutive.

2. Summary of Significant Acc17

2. Summary of Significant Accounting Policies: Use of Estimates, Policy (Policies)	6 Months Ended
	Jun. 30, 2016
Policies
Use of Estimates, Policy	Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Significant estimates used in preparing these financial statements include those assumed in estimating the recoverability of the cost of mining claims, accrued remediation costs, asset retirement obligations, stock based compensation, and deferred tax assets and related valuation allowances. Actual results could differ from those estimates.

2. Summary of Significant Acc18

2. Summary of Significant Accounting Policies: New Accounting Pronouncements, Policy (Policies)	6 Months Ended
	Jun. 30, 2016
Policies
New Accounting Pronouncements, Policy	Recent Accounting Pronouncements In April 2015, the FASB issued ASU No. 2015-03, “Interest Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs”. The provisions of ASU No. 2015-03 require companies to present debt issuance costs the same way they currently present debt discounts, as a direct deduction from the carrying value of that debt liability. ASU 2015-03 does not impact the recognition and measurement guidance for debt issuance costs. The guidance in the ASU is effective for fiscal years beginning after December 15, 2015. The effect of adopting this provision was to classify $7,017 and $13,539 of deferred financing against the related notes payable at June 30, 2016 and December 31, 2015, respectively. Other accounting standards that have been issued or proposed by FASB that do not require adoption until a future date are not expected to have a material impact on the consolidated financial statements upon adoption. The Company does not discuss recent pronouncements that are not anticipated to have an impact on or are unrelated to its financial condition, results of operations, cash flows or disclosures.

2. Summary of Significant Acc19

2. Summary of Significant Accounting Policies: Reclassifications (Policies)	6 Months Ended
	Jun. 30, 2016
Policies
Reclassifications	Reclassifications Certain reclassifications have been made to conform prior period’s data to the current presentation. These reclassifications have no effect on the results of reported operations, cash flows or stockholders’ deficit.

2. Summary of Significant Acc20

2. Summary of Significant Accounting Policies: Earnings (loss) Per Common Share: Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2016
Tables/Schedules
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	Three Months Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 Numerator: Net income (loss) $ (199,754) $ 889,307 $ (422,723) $ 622,729 Preferred dividends (54,638) (25) (56,534) (4,399) Net income (loss) available to common stockholders $ (254,392) $ 889,282 $ (479,257) $ 618,330 Denominator: Basic weighted average common shares 131,232,809 130,983,355 131,232,809 129,013,798 Dilutive preferred stock, stock options and warrants - 4,034,661 - 3,989,938 Diluted weighted average common shares 131,232,809 135,018,016 131,232,809 133,003,736 Basic earnings (loss) per common share: Net income (loss) per common share – basic $ (0.00) $ 0.01 $ (0.00) $ 0.00 Diluted earnings (loss) per common share: Net income (loss) per common share – diluted $ (0.00) $ 0.01 $ (0.00) $ 0.00

3. Joint Venture_ Schedule of S

3. Joint Venture: Schedule of Series P Warrants Weighted Average Assumptions (Tables)	6 Months Ended
	Jun. 30, 2016
Tables/Schedules
Schedule of Series P Warrants Weighted Average Assumptions	Risk-free interest rate 1.71% Expected dividend yield 0 Expected term (in years) 5 Expected volatility 141.7%

7. Stockholders' Equity_ Fair V

7. Stockholders' Equity: Fair Value of Warrants issued with Class L Warrants issued with Series C Preferred Stock (Tables)	6 Months Ended
	Jun. 30, 2016
Tables/Schedules
Fair Value of Warrants issued with Class L Warrants issued with Series C Preferred Stock	April 6, 2016 June 13, 2016 Risk-free interest rate 1.2% 1.14% Expected dividend yield 0 0 Expected term (in years) 5 5 Expected volatility 147.2% 149.6%

7. Stockholders' Equity_ Fair23

7. Stockholders' Equity: Fair Value of Warrants issued with Class Q Warrants issued with Series C Preferred Stock (Tables)	6 Months Ended
	Jun. 30, 2016
Tables/Schedules
Fair Value of Warrants issued with Class Q Warrants issued with Series C Preferred Stock	Risk-free interest rate 1.68% Expected dividend yield 0 Expected term (in years) 5 Expected volatility 141.9%

7. Stockholders' Equity_ Schedu

7. Stockholders' Equity: Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions (Tables)	6 Months Ended
	Jun. 30, 2016
Tables/Schedules
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions	Shares Weighted- Average Exercise Price (per share) Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value Options outstanding at December 31, 2015 3,350,000 $ 0.24 3.81 $0 Granted - - Expired (150,000) 0.52 Options outstanding and exercisable at June 30, 2016 3,200,000 $ 0.22 3.73 $0 Options available for future grants 2,075,672

8. Commitments_ Patented and no

8. Commitments: Patented and nonpatented claims, annual costs (Tables)	6 Months Ended
	Jun. 30, 2016
Tables/Schedules
Patented and nonpatented claims, annual costs	November 30, 2016 November 30, 2017 Claims Rental $ 84,770 $ 90,570 Annual Labor 61,100 61,100 Yearly Totals $ 145,870 $ 151,670

1. Basis of Presentation (Detai

1. Basis of Presentation (Details)	6 Months Ended
	Jun. 30, 2016
Details
Substantial Doubt about Going Concern	Going Concern The accompanying consolidated financial statements have been prepared under the assumption that the Company will continue as a going concern. The Company has incurred losses since its inception and does not have sufficient cash to fund normal operations and meet debt obligations for the next 12 months without deferring payment on certain current liabilities and/or raising additional funds. The Company currently has no historical recurring source of revenue and its ability to continue as a going concern is dependent on the Company’s ability to raise capital to fund its future exploration and working capital requirements or its ability to profitably execute its business plan. The Company’s plans for the long-term return to and continuation as a going concern include the profitable exploitation of its mining properties and financing the Company’s future operations through sales of its common stock and/or debt. Additionally, the current capital markets and general economic conditions in the United States are significant obstacles to raising the required funds. These factors raise substantial doubt about the Company’s ability to continue as a going concern. The consolidated financial statements do not include any adjustments that might be necessary should the Company be unable to continue as a going concern. If the going concern basis were not appropriate for these financial statements, adjustments would be necessary in the carrying value of assets and liabilities, the reported expenses and the balance sheet classifications used.

2. Summary of Significant Acc27

2. Summary of Significant Accounting Policies: Earnings (loss) Per Common Share: Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Details
Net income (loss)	$ (199,754)	$ 889,307	$ (422,723)	$ 622,729
Other Preferred Stock Dividends and Adjustments	(54,638)	(25)	(56,534)	(4,399)
Net income (loss) available to common stockholders	$ (254,392)	$ 889,282	$ (479,257)	$ 618,330
Weighted average common shares outstanding - basic	131,232,809	130,983,355	131,232,809	129,013,798
Incremental Common Shares Attributable to Dilutive Effect of Conversion of Debt Securities		4,034,661		3,989,938
Weighted average common shares outstanding - diluted	131,232,809	135,018,016	131,232,809	133,003,736
Net income (loss) per common share - basic	$ 0	$ 0.01	$ 0	$ 0
Net income (loss) per common share - diluted	$ 0	$ 0.01	$ 0	$ 0

2. Summary of Significant Acc28

2. Summary of Significant Accounting Policies: Earnings (loss) Per Common Share (Details) - shares	3 Months Ended	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2016
Details
Total possible dilution	22,635,054	22,144,290

3. Joint Venture (Details)

3. Joint Venture (Details) - Proceeds from sale of cash flow percentage	Jun. 23, 2015USD ($)
Other Significant Noncash Transaction, Description	On June 23, 2015, the Company raised net proceeds of $1.1 million through the sale of 12% of the cash flows Goldrich receives in the future from its interest in GNP (“Distribution Interest”) to Chandalar Gold, LLC (“CGL”), a non-related entity. Goldrich retained its ownership of its 50% interest in GNP but, after the transaction, subject to the terms of the GNP operating agreement, Goldrich will effectively receive approximately 44% and CGL will receive 6% (12% of Goldrich’s 50% of GNP = 6%) of any cash distributions produced by GNP. As part of the purchase, CGL received 2,250,000 Series P Warrants and an option to acquire an additional 10% Distribution Interest in the cash flows Goldrich receives from its interest in GNP. Each Series P Warrant is exercisable to purchase one share of common stock of the Company at $0.07, for a period of five (5) years. The Distribution Interest option to purchase an additional 10% of Goldrich’s future cash flow from GNP in consideration of a one-time cash payment of $1.3 million was not exercised before July 1, 2016 and has expired. The lead agent for the sale received a commission equal to 5% of gross proceeds raised, was granted a perpetual undivided 0.5% interest in distributions paid out by GNP to Goldrich, and was issued 1.2 million Series P-2 Warrants. Each Series P-2 Warrant is exercisable into one share of common stock of the Company for a period of five (5) years at a price of $0.05 per share.
Series P warrants fair value disclosure	$ 110,250
Series P 2 warrants fair value disclosure	60,000
Payments of Stock Issuance Costs	125,164
Relative fair value series P warrants	88,644
Gain (Loss) on Disposition of Other Assets	930,892
Adjustment to joint venture asset	$ 55,300

3. Joint Venture_ Schedule of30

3. Joint Venture: Schedule of Series P Warrants Weighted Average Assumptions (Details)	Jun. 13, 2016	Apr. 06, 2016	Dec. 07, 2015	Jun. 23, 2015
Fair Value Assumptions, Risk Free Interest Rate	1.14%	1.20%	1.68%
Fair Value Assumptions, Expected Dividend Rate	0.00%	0.00%	0.00%
Fair Value Assumptions, Expected Term	5 years	5 years	5 years
Fair Value Assumptions, Expected Volatility Rate	149.60%	147.20%	141.90%
Proceeds from sale of cash flow percentage
Fair Value Assumptions, Risk Free Interest Rate				1.71%
Fair Value Assumptions, Expected Dividend Rate				0.00%
Fair Value Assumptions, Expected Term				5 years
Fair Value Assumptions, Expected Volatility Rate				141.70%

4. Related Party Transactions (

4. Related Party Transactions (Details) - USD ($)	6 Months Ended		12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Related Party Transaction, Amounts of Transaction	$ 82,500		$ 0
Consultant and director fees	103,498
Consultant and director fees current	$ 16,400	$ 19,600
CEO
Related Party Transaction, Description of Transaction	Beginning in January 2016, the salary of the Company’s President and Chief Executive Officer (“CEO”) were deferred due to a lack of finances. An amount of $82,500 and $0 has been deferred and is recorded as deferred compensation at June 30, 2016 and December 31, 2015, respectively.
CFO
Related Party Transaction, Description of Transaction	Beginning in January 2016, the fees of the Company’s Chief Financial Officer (“CFO”) were deferred due to a lack of finances. An amount of $28,028 and $8,726 has been accrued for his fees at June 30, 2016 and December 31, 2015, respectively. The CFO’s fees for the six month periods ended June 30, 2016 and June 30, 2015 were $27,469 and $27,219 respectively. These amounts are included in related party payable.
Related Party Transaction, Amounts of Transaction	$ 28,028		8,726
Professional Fees	$ 27,469	$ 27,219
Other
Related Party Transaction, Description of Transaction	A total of $88,098 had been accrued for directors’ fees at December 31, 2015. At June 30, 2016, $103,498 is accrued for their services performed, which is included in related party payable. Fees for the six months periods ended June 30, 2016 and June 30, 2015 were $16,400 and $19,600 respectively.
Consultant and director fees			$ 88,098

5. Note Payable (Details)

5. Note Payable (Details) - USD ($)	6 Months Ended
	Jun. 30, 2016	Jan. 24, 2014
Details
Unsecured Debt	$ 300,000	$ 300,000
Interest paid on unsecured note	22,500
Debt Instrument, Unamortized Discount	18,040
Unsecured Debt, Current	$ 281,960

6. Notes Payable in Gold (Detai

6. Notes Payable in Gold (Details)	Jun. 30, 2016USD ($)	Dec. 31, 2015USD ($)
Details
Notes payable in gold	$ 509,568	$ 509,568
Gold Deliverable	394.788

7. Stockholders' Equity (Detail

7. Stockholders' Equity (Details)	Jun. 13, 2016USD ($)$ / sharesshares	Dec. 07, 2015USD ($)$ / sharesshares	Apr. 07, 2015USD ($)$ / shares	Jun. 30, 2016USD ($)$ / sharesshares
Proceeds from issuance of preferred stock and warrants, net of offering costs				$ 100,000
Beneficial conversion feature on preferred stock				$ 47,258
Class I Warrants Expired | shares				5,125,935
Class R Warrants Issued | shares				3,333,333
All classes of warrants outstanding | shares				59,667,525
Weighted average exercise price of warrants | $ / shares				$ 0.156
Series D Preferred Stock
Proceeds from issuance of preferred stock and warrants, net of offering costs	$ 100,000
Warrants issued with preferred stock | shares	3,333,333
Per share price of warrants issued with preferred stock | $ / shares	$ 0.045
Fair value of warrants issued with preferred stock	$ 47,258
Beneficial conversion feature on preferred stock	$ 52,742
Series C Preferred Stock
Proceeds from issuance of preferred stock and warrants, net of offering costs		$ 225,000
Warrants issued with preferred stock | shares		9,166,666
Per share price of warrants issued with preferred stock | $ / shares		$ 0.03
Fair value of warrants issued with preferred stock		$ 116,162
Beneficial conversion feature on preferred stock		$ 81,250
Preferred stock issued for cash | shares		250
Broker Warrants issued with preferred stock | shares		833,333
Private Placement One
Private placement units sold			5,000,000
Per share unit | $ / shares			$ 0.05
Per share unit class O warrant | $ / shares			$ 0.06
Series B Preferred Stock
Proceeds from sale of units			$ 241,832

7. Stockholders' Equity_ Fair35

7. Stockholders' Equity: Fair Value of Warrants issued with Class L Warrants issued with Series C Preferred Stock (Details)	Jun. 13, 2016	Apr. 06, 2016	Dec. 07, 2015
Details
Fair Value Assumptions, Risk Free Interest Rate	1.14%	1.20%	1.68%
Fair Value Assumptions, Expected Dividend Rate	0.00%	0.00%	0.00%
Fair Value Assumptions, Expected Term	5 years	5 years	5 years
Fair Value Assumptions, Expected Volatility Rate	149.60%	147.20%	141.90%

7. Stockholders' Equity_ Fair36

7. Stockholders' Equity: Fair Value of Warrants issued with Class Q Warrants issued with Series C Preferred Stock (Details)	Jun. 13, 2016	Apr. 06, 2016	Dec. 07, 2015
Details
Fair Value Assumptions, Risk Free Interest Rate	1.14%	1.20%	1.68%
Fair Value Assumptions, Expected Dividend Rate	0.00%	0.00%	0.00%
Fair Value Assumptions, Expected Term	5 years	5 years	5 years
Fair Value Assumptions, Expected Volatility Rate	149.60%	147.20%	141.90%

7. Stockholders' Equity_ Sche37

7. Stockholders' Equity: Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions (Details)	Jun. 30, 2016$ / sharesshares	Jun. 30, 2016$ / sharesshares	Dec. 31, 2015$ / sharesshares
Details
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number	3,200,000	3,200,000	3,350,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ / shares	$ 0.22	$ 0.22	$ 0.24
Weighted Averate Remaining Term		3.73	3.81
Share-based Compensation Arrangement by Share-based Payment Award, Options, Expirations in Period		(150,000)
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period, Weighted Average Exercise Price | $ / shares		$ 0.52
Shares available for grant under stock option plan	2,075,672

8. Commitments_ Patented and 38

8. Commitments: Patented and nonpatented claims, annual costs (Details) - USD ($)	Nov. 30, 2017	Nov. 30, 2016
Details
Claims rental	$ 90,570	$ 84,770
Annual labor requirement	61,100	61,100
Non-patented claims expense	$ 151,670	$ 145,870

9. Subsequent Events (Details)

9. Subsequent Events (Details)	6 Months Ended
	Jun. 30, 2016
Details
Subsequent Event, Description	On August 1, 2016, the Company closed the third and final tranche of a private placement for total proceeds of $50,000. The Company sold 50 shares of Series D Preferred Stock of the Company and warrants at a price per preferred share of $1,000. Each share of Series D Preferred Stock is convertible into common shares of the Company equal in number to $1,000 divided by $0.03 per share. The purchaser of each share of Series D Preferred Stock also received warrants to purchase shares of common stock of the Company equal in number to the total purchase price divided by 0.03 (rounded down), exercisable at any time beginning one year after the closing date for a term ending five years from the closing date at an exercise price of $0.045 per common share. Under certain specified circumstances, the shares are redeemable at the option of the purchaser at a rate of return on the purchase price of 15% from the date of issuance of the Preferred Shares through the date of the redemption.