11. Related Party Transactions
 9 Months Ended
Sep. 30, 2020
Related Party Transactions [Abstract]  
Related Party Transactions

Note 11 – Related Party Transactions

 

Conflicts of Interests

 

Athena Silver Corporation (“Athena”) is a company under common control. Mr. Power is also a director and CEO of Athena. Mr. Gibbs is a significant investor in both Magellan and Athena. Magellan and Athena are both exploration stage companies involved in the business of acquisition and exploration of mineral resources.

 

Silver Saddle Resources, LLC is also a company under common control. Mr. Power and Mr. Gibbs are significant investors and managing members of Silver Saddle. Magellan and Silver Saddle are both exploration stage companies involved in the business of acquisition and exploration of mineral resources.

 

The existence of common ownership and common management could result in significantly different operating results or financial position from those that could have resulted had Magellan, Athena and Silver Saddle been autonomous.

 

Accrued Interest - Related Parties

 

Accrued interest due to related parties is included in our consolidated balance sheets as follows:

 

    September 30, 2020     December 31, 2019  
Accrued interest payable – Mr. Gibbs   $ 1,589     $ 11,973  
Accrued interest payable – Mr. Power     –       11,342  
Accrued interest payable – Dr. Carson     752       6,597  
Accrued interest payable – Mr. Schifrin     935       –  
Accrued interest payable – Mr. Malhotra     39       –  
    $ 3,315     $ 29,912  

 

The accrued interest related to the Series 2017 Notes was settled on March 31, 2020. See Note 5.