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8. Notes Payable

6 Months Ended

Jun. 30, 2017

Notes

8. Notes Payable

8.             Notes Payable

At June 30, 2017 and December 31, 2016, notes payable are as follows:

	June 30, 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 in June 2019, monthly payments of $474	$	37,399	$	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 in March 2021, collateralized by property, monthly payments of $1,122		94,959		98,559
Tailings pump, 35 month note payable, 17.5% interest rate payable monthly through May of 2018, monthly payments of $3,268, collateralized by equipment		32,064		48,035
Mineral property, 10 quarterly payments, 0.0% interest rate discounted at 10%, collateralized by property, quarterly payments of $125,000 through May of 2018		375,000		750,000
Total notes payable		539,422		935,615
Due within one year		414,279		664,787
Due after one year	$	125,143	$	270,828

Future principal payments of debt and related discount amortization at June 30, 2017 are as follows:

		Note		Discount		Net
1 year	$	414,279	$	(17,997)	$	396,282
2 years		36,965				36,965
3 years		3,990				3,990
4 years		84,188				84,188
Total	$	539,422	$	(17,997)	$	521,425

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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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