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6. Notes Payable | 12 Months Ended
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Dec. 31, 2015
Notes |
6. Notes Payable | 6. Notes Payable
At December 31, 2015 and 2014 notes payable are as follows | 2015 | 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, monthly payments of $459 | $ | 42,726 | $ | 46,337
Property, 15 month note payable, 5% interest per annum, collateralized by property, one remaining payment of $175,000, elimination upon cancellation of deed of trust |  | - |  | 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, collateralized by property, monthly payments of $1,124 |  | 105,196 |  | 107,336
Tailings pump, 36 month note payable, 17.53% interest per annum, collateralized by pump, monthly payments of $3,268 |  | 76,097 |  |
Mineral property, 10 quarterly payments, 0.0% interest rate discounted at 10%, collateralized by property, quarterly payments of $125,000 |  | 1,125,000 |  |
Total notes payable |  | 1,349,019 |  | 328,673
Due within one year |  | 572,806 |  | 180,385
Due after one year | $ | 776,213 | $ | 148,288
Future principal payments of debt and related discount amortization at December 31, 2015 are as follows:
|  | Note |  | Discount |  | Net
2016 | $ | 572,806 | $ | (84,371) | $ | 488,435
2017 |  | 535,648 |  | (41,222) |  | 494,426
2018 |  | 142,156 |  | (3,049) |  | 139,107
2019 |  | 2,806 |  |  |  | 2,806
2020 |  | 3,131 |  |  |  | 3,131
Thereafter |  | 92,472 |  |  |  | 92,472
Total | $ | 1,349,019 | $ | (128,642) | $ | 1,220,377

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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 + Details
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