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v2.4.1.9

5. Property, Plant and Equipment | 12 Months Ended
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Dec. 31, 2014
Notes |
5. Property, Plant and Equipment | 5. Property, Plant and Equipment Property, plant and equipment at December 31, 2014 and 2013, consisted of the following:
|  | 2014 |  | 2013
Mill land | $ | 225,289 | $ | 225,289
Mill building |  | 536,193 |  | 522,786
Milling equipment |  | 4,001,771 |  | 3,716,011
|  | 4,763,253 |  | 4,464,086
Less accumulated depreciation |  | (152,151) |  | (144,236)
Total mill |  | 4,611,102 |  | 4,319,850
Building and equipment at cost |  | 252,348 |  | 495,037
Less accumulated depreciation |  | (216,926) |  | (348,021)
Total building and equipment |  | 35,442 |  | 147,016
Land |  | 1,007,675 |  | 441,858
Total | $ | 5,654,199 | $ | 4,908,724
During the year ended December 31, 2014 $25,021 in interest was capitalized in conjunction with the mill expansion project. No interest was capitalized in 2013. During the year ended December 31, 2014 the Company disposed of a pick-up with $5,930 total cost basis that was fully depreciated for salvage; no income or loss was recorded. A drill with a cost basis of $265,316 which was partially depreciated was sold for $66,826 and a loss on sale of equipment was recorded for $34,878. Also, a ball mill with a historical cost of $9,850 was sold by the NJMJV for an $850 loss. During the year ended December 31, 2013 the Company sold a drill and an excavator with a total cost basis of $240,055 for $112,000. Since both pieces of equipment were fully depreciated at the time of sale, a gain on sale of equipment of $112,000 was recorded in the consolidated statement of operations. During the year ended December 31, 2012, a lease agreement was entered into with Hecla Mining Company on the Company’s Little Baldy land holding. Under the agreement, Hecla has paid $10,000 and $24,000 in 2014 and 2013, respectively, to the Company for the option to obtain NJMC’s interest in the land. The Company has recorded these farm-out receipts as a reduction in the carrying value of the land for the years ended December 31, 2014 and 2013. For year ended December 31, 2013, milling and other equipment include assets under capital lease amounting to $91,625. The lease is being amortized over its terms. Accumulated amortization at December 31, 2014 and 2013 was $91,625 and $65,258, respectively. The lease was concluded in September 2014 and the equipment title was transferred to the Company for no additional consideration. During the year ended December 31, 2014, the Company entered into a purchase and sale agreement to acquire the Eastern Star Elk City property for $425,000. The deal called for a down payment of $125,000 and a promissory note for the balance at 5% per annum. As scheduled the next payment of $125,000 was made on August 15, 2014. Final payment of $175,000 is due on July 15, 2015.

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- Definition The entire disclosure for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, accounting policies and methodology, roll forwards, depreciation, depletion and amortization expense, including composite depreciation, accumulated depreciation, depletion and amortization expense, useful lives and method used, income statement disclosures, assets held for sale and public utility disclosures. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6391035&loc=d3e2868-110229 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6391110&loc=d3e2921-110230 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1361-107760 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.13-14) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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