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6. Notes Payable

12 Months Ended

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

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X

- References

No definition available.

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