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9. Notes Payable

3 Months Ended

Mar. 31, 2016

Notes

9. Notes Payable

9.   Notes Payable

At March 31, 2016 and December 31, 2015, notes payable are as follows:

	March 31, 2016		December 31, 2015
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	$	41,799	$	42,726
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		103,604		105,196
Tailings pump, 35 month note payable, 17.5% interest rate payable monthly, monthly payments of $3,268, collateralized by equipment		69,531		76,097
Mineral property, 10 quarterly payments, 0.0% interest rate discounted at 10%, collateralized by property, quarterly payments of $125,000		1,062,500		1,125,000
Total notes payable		1,277,434		1,349,019
Due within one year		635,811		572,806
Due after one year	$	641,623	$	776,213

Future principal payments of debt and related discount amortization at March 31, 2016 are as follows:

		Note		Discount		Net
1 year	$	635,811	$	(86,434)	$	549,377
2 years		537,338		(29,753)		507,585
3 years		8,089				8,089
4 years		3,062				3,062
5 years		93,134				93,134
Thereafter		-		-		-
Total	$	1,277,434	$	(116,187)	$	1,161,247

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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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