XML 19 R15.htm IDEA: XBRL DOCUMENT

9. Debt

9 Months Ended

Sep. 30, 2019

Long-Term debt at September 30, 2019 and December 31, 2018 is as follows:

	September 30,			December 31,
	2019			2018
Note payable to Zeo Inc., non interest bearing,
payable in 11 quarterly installments of $8,300 with a final payment of $8,700;
maturing December 2022; uncollateralized.(1)	$	100,000		$	100,000
Note payable to Cat Financial Services, bearing interest at 6%;
payable in monthly installments of $1,300; maturing
August 2019; collateralized by equipment.		1,498			14,022
Note payable to Cat Financial Services, bearing interest at 6%;
payable in monthly installments of $778; maturing
December 2022; collateralized by equipment.		28,175			34,390
Note payable to De Lage Landen Financial Services,
bearing interest at 3.51%; payable in monthly installments of $655;
maturing September 2019; collateralized by equipment.		1,998			5,851
Note payable to De Lage Landen Financial Services,
bearing interest at 3.51%; payable in monthly installments of $655;
maturing September 2019; collateralized by equipment.		-			8,371
Note payable to Phyllis Rice, bearing interest
at 1%; payable in monthly installments of $2,000; originally maturing
March 2015; collateralized by equipment.		6,146			12,146
Obligation payable for Soyatal Mine, non-interest bearing,
annual payments of $100,000 or $200,000 through 2020, net of discount
of $19,156 and $23,321, respectively. (2)		667,243			639,747
Obligation payable for Guadalupe Mine, non-interest bearing,
annual payments from $60,000 to $149,078 through 2026, net of discount
of $201,527 and $252,444, respectively. (3)		922,779			918,663
		1,727,839			1,733,190
Less current portion		(851,766	)		(705,460	)
Long-term portion	$	876,073		$	1,027,730

(1) Payments starting the fourth quarter of 2019.

2) At September 30, 2019, the Company has not made $465,021 of principal payments due in previous periods on this note. At September 30, 2019, all but $23,585 of the balance is classified as a current liability. The creditor has agreed to accept payments of $2,500 per month through June 30, 2020, at which time the parties may agree to an extension of that payment schedule, or modify the payment schedule. The note holder accepted, and was paid, $40,000 during the nine months ended September 30, 2019.

(3) At September 30, 2019, the Company is delinquent in $91,578 of principal payments on this note. At September 30, 2019, the delinquent balance is classified as a current liability. The Company is currently working with the lenders to modify the payment terms to cure the delinquent status. The Company has not received notice from the lenders indicating default on the loan.

At September 30, 2019, principal payments on debt are due as follows:

12 Months Ending September 30,	Principal Payment		Discount			Net
2020	$	910,048	$	(58,282	)	$	851,766
2021		223,957		(45,335	)		178,622
2022		191,052		(37,610	)		153,442
2023		177,716		(30,922	)		146,794
2024		149,077		(23,833	)		125,244
Thereafter		296,642		(24,671	)		271,971
	$	1,948,492	$	(220,653	)	$	1,727,839