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 June 30, 2019, we had total liabilities of $6,631,055 and total assets of $1,051,414. This compares to total liabilities of $5,912,698 and total assets of $1,083,521 on December 31, 2018. As of June 30, 2019, our liabilities consist of $454,734 for remediation and asset retirement obligations, $375,905 of notes payable in gold, $1,020,000 of notes payable, $2,595,790 of notes payable – related parties, $1,153,079 of trade payables and accrued liabilities, $73,306 of accrued interest payable, $391,288 of accrued interest payable – related parties, $536,335 due to related parties, and $30,618 for dividends payable. Of these liabilities, $6,176,321 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 and 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 six months ended June 30, 2019.