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9. Notes Payable

6 Months Ended

Jun. 30, 2015

Notes

9. Notes Payable

9.  Notes Payable

At June 30, 2015 and December 31, 2014 notes payable are as follows	June 30,  2015		December 31, 2014
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 in June 2016, monthly payments of $474	$	44,552	$	46,337
Property, 15 month note payable, 5% interest per annum, collateralized by property, one remaining payment of $175,000		175,000		175,000
Property 120 month note payable, 11.0% interest rate payable monthly, remaining principal of note due in one payment at end of term in March 2021, collateralized by property, monthly payments of $1,122		106,472		107,336
Tailings pump, 35 month note payable, 17.5% interest rate payable monthly, monthly payments of $3,268, collateralized by equipment		89,052
Total notes payable	$	415,076	$	328,673

Principal payments on notes payable are due as follows as of June 30, 2015		June 30,  2015		December 31, 2014
Due within one year	$	247,021	$	180,385
Due in year two		32,552		44,704
Due in year three		35,324		2,207
Due in year four		2,601		2,462
Thereafter		97,578		98,915
Total notes payable	$	415,076	$	328,673

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- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef



-Publisher FASB



-Name Accounting Standards Codification



-Topic 505



-SubTopic 10



-Section 50



-Paragraph 3



-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644



Reference 2: http://www.xbrl.org/2003/role/presentationRef



-Publisher FASB



-Name Accounting Standards Codification



-Topic 210



-SubTopic 10



-Section S99



-Paragraph 1



-Subparagraph (SX 210.5-02.19,20,22)



-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

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X

- References

No definition available.

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