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Notes Payable

12 Months Ended

Dec. 31, 2011

4. Notes Payable

At December 31, 2011 and 2010, notes payable are as follows:		2011		2010
2006 Dodge pickup 60 month note payable, 0.00% interest rate; collateralized by pickup, monthly payments of $557	$		$	2,786
2011 Dodge pickup 36 month note payable, 0.00% interest rate, collateralized by pickup, monthly payments of $740		19,220
2005 Dodge Pickup 48 month note payable, 8.04% interest rate payable monthly, collateralized by pickup, monthly payments of $420		15,602
Hagby Diamond Drill 48 month note payable, 8.00% interest rate payable monthly, collateralized by drill, monthly payments of $4,093				35,642
Hagby Diamond Drill 36 month note payable, 6.9% interest rate payable monthly, collateralized by drill and guaranteed by President Fred Brackebusch and Vice President Grant Brackebusch, monthly payments of $6,290		167,560
Caterpillar 305 Excavator 48 month note payable, 7.81% interest rate payable monthly, collateralized by excavator, monthly payments of $956				4,685
Property with shop 36 month note payable, 4.91% interest rate payable monthly, remaining principal of note due in one payment at end of term, monthly payments of $474		56,025		58,875
Property 39 month note payable, 5.0% interest rate payable monthly, collateralized by property, monthly payments of $1,000		28,221
Property 120 month note payable, 11.0% interest rate payable monthly, remaining principal of note due in one payment at end of term, collateralized by property, monthly payments of $1,122		115,189
Bobcat 50 month note payable, 0.00% interest rate collateralized by bobcat, monthly payments of $725		8,696		17,393

Total notes payable		410,513		119,381
Due within one year		102,151		54,661
Due after one year	$	308,362	$	64,720

Maturities of debt outstanding at December 31, 2011 are as follows:

2012	$102,151
2013	149,151
2014	44.049
2015	3,957
2016	1.300
Thereafter	109,905
	$410,513

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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