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7. Notes Payable

12 Months Ended

Dec. 31, 2016

Notes

7. Notes Payable

7. Notes Payable

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

	2016		2015
Note payable, 4.91% interest rate payable monthly, remaining principal of note due in one payment at end of term, collateralized by property, monthly payments of $459	$	39,021	$	42,726
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		98,559		105,196
Note payable, 17.53% interest per annum, collateralized by pump, monthly payments of $3,268		48,035		76,097
Note payable for mineral property, 10 quarterly payments, 0.0% interest rate discounted at 10%, collateralized by mineral property, quarterly payments of $125,000		750,000		1,125,000
Total notes payable		935,615		1,349,019
Due within one year		664,787		572,806
Due after one year	$	270,828	$	776,213

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

		Note		Discount		Net
2017	$	664,788	$	(41,603)	$	623,185
2018		146,849		(2,669)		144,180
2019		34,790				34,790
2020		3,872				3,872
Thereafter		85,316				85,316
Total	$	935,615	$	(44,272)	$	891,343

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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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