Related Party Transactions and Balances |
9 Months Ended |
|---|---|
Sep. 30, 2025 | |
| Related Party Transactions and Balances [Abstract] | |
| RELATED PARTY TRANSACTIONS AND BALANCES | NOTE 8 – Related Party Transactions AND BALANCES
The Company has transacted with related parties pursuant to service arrangements in the ordinary course of business, as follows:
Prior to the acquisition of Black Range, Mr. George Glasier, the Company’s CEO, who is also a director of the Company (“Seller”), transferred his interest in a former joint venture with Ablation Technologies, LLC to Black Range. In connection with the transfer, Black Range issued 25 million shares of Black Range common stock to Seller and committed to pay $330,988 (AUD $500,000) to Seller within 60 days of the first commercial application of the Kinetic Separation technology. The Company assumed this contingent payment obligation in connection with the acquisition of Black Range. At the date of the acquisition of Black Range, this contingent obligation was determined to be probable. Since the deferred contingent consideration obligation is probable and the amount is estimable, the Company recorded the deferred contingent consideration as an assumed liability in the amount of $330,988 and $309,138 as of September 30, 2025 and December 31, 2024, respectively.
The Company has multiple lease arrangements with Silver Hawk Ltd., an entity which is owned by George Glasier and his wife Kathleen Glasier. These leases, which are all on a month-to-month basis, are for the rental of office, workshop, warehouse and employee housing facilities. The Company incurred rent expense of $26,325 and $26,325 in connection with these arrangements for the three months ended September 30, 2025 and 2024, respectively. The Company incurred rent expense of $79,921 and $76,175 in connection with these arrangements for the nine months ended September 30, 2025 and 2024, respectively.
The Company is obligated to pay Mr. Glasier for reimbursable expenses in the amount of $45,038 and $83,554, included within accounts payable and accrued liabilities, as of September 30, 2025 and December 31, 2024, respectively.
During the nine months ended September 30, 2024, the Company purchased approximately $9,000 of mining related equipment from Silver Hawk Ltd. |