We are a minerals company in the business of acquiring and advancing mineral properties to the discovery point, where we believe maximum shareholder returns can be realized. Although we have conducted limited extraction of gold on one of our gold prospects, Goldrich is an exploration stage company as defined by the U.S. Securities and Exchange Commission (“SEC”) in Industry Guide 7. Incorporated in 1959, Goldrich Mining Company (OTCQB trading symbol “GRMC”) has been a publicly traded company since October 9, 1970. Our executive offices are located at 2607 Southeast Blvd, Suite B211, Spokane, WA 99223, and our phone number there is (509) 535-7367. Our website address is www.goldrichmining.com. Information contained on our website is not part of this annual report.
On March 31, 2019, we had total liabilities of $6,239,049 and total assets of $1,059,948. This compares to total liabilities of $5,912,698 and total assets of $1,083,521 on December 31, 2018. As of March 31, 2019, our liabilities consist of $451,256 for remediation and asset retirement obligations, $351,934 of notes payable in
gold, $967,371 of notes payable, $2,453,684 of notes payable – related parties, $1,177,876 of trade payables and accrued liabilities, $27,036 of accrued interest payable, $296,649 of accrued interest payable – related parties, $482,625 due to related parties, and $30,618 for dividends payable. Of these liabilities, $5,787,793 is due within 12 months. The increase in liabilities compared to December 31, 2018 is due to an increase in trade and related party payables, additional borrowings under notes payable - related parties, largely resulting from costs associated with arbitration, and amortization of the discount and warrants of the notes payable. Total assets and its components did not experience significant changes, with the exception of a decrease in cash due to financing activities insufficient to cover the level of operating expenses, offset by an increase in prepaid expenses during the quarter ended March 31, 2019.
On March 31, 2019, we had negative working capital of $5,598,056 and a stockholders’ deficit of $5,179,101 compared to negative working capital of $5,521,940 and stockholders’ deficit of $4,829,177 for the year ended December 31, 2018. Working capital decreased during the quarter ended March 31, 2019 due to the accruals of accounts and trade payables that exceeded cash proceeds from Notes payable and Notes payable – related parties. Stockholders’ equity decreased due to an operating loss for the period ended March 31, 2019.