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8. Notes Payable

9 Months Ended

Sep. 30, 2016

Notes

8. Notes Payable

8.  Notes Payable

At September 30, 2016 and December 31, 2015, notes payable are as follows:

	September 30, 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	$	40,376	$	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		100,287		105,196
Tailings pump, 35 month note payable, 17.5% interest rate payable monthly, monthly payments of $3,268, collateralized by equipment		55,514		76,097
Mineral property, 10 quarterly payments, 0.0% interest rate discounted at 10%, collateralized by property, quarterly payments of $125,000		750,000		1,125,000
Total notes payable		946,177		1,349,019
Due within one year		538,441		572,806
Due after one year	$	407,736	$	776,213

Future principal payments of debt and related discount amortization at September 30, 2016 are as follows:

		Note		Discount		Net
1 year	$	538,441	$	(52,411)	$	486,030
2 years		280,480		(9,072)		271,408
3 years		35,667				35,667
4 years		3,595				3,595
5 years		87,994				87,994
Thereafter
Total	$	946,177	$	(61,483)	$	884,694

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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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