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8. Notes Payable

3 Months Ended

Mar. 31, 2017

Notes

8. Notes Payable

8.             Notes Payable

At March 31, 2017 and December 31, 2016, notes payable are as follows:

	March 31, 2017		December 31, 2016
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 $474	$	38,376	$	39,021
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 $1,122		96,847		98,559
Tailings pump, 35 month note payable, 17.5% interest rate payable monthly, monthly payments of $3,268, collateralized by equipment		40,223		48,035
Mineral property, 10 quarterly payments, 0.0% interest rate discounted at 10%, collateralized by property, quarterly payments of $125,000		500,000		750,000
Total notes payable		675,445		935,615
Due within one year		541,841		664,787
Due after one year	$	133,605	$	270,828

Future principal payments of debt and related discount amortization at March 31, 2017 are as follows:

		Note		Discount		Net
1 year	$	541,840	$	(29,753)	$	512,087
2 years		12,825				12,825
3 years		33,994				33,994
4 years		86,786				86,786
Total	$	675,445	$	(29,753)	$	645,692

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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 470
-URI http://asc.fasb.org/topic&trid=2208564

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- References

No definition available.

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