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8. Notes Payable

9 Months Ended

Sep. 30, 2017

Notes

8. Notes Payable

8.             Notes Payable

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

	September 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	$	36,413	$	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		93,083		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		23,542		48,035
Haul Truck, 20 month note payable, 10.0% interest rate payable monthly through May of 2019, monthly payments of 6,020, collateralized by equipment		112,500		750,000
Mineral property, 10 quarterly payments, 0.0% interest rate discounted at 10%, collateralized by property, quarterly payments of $125,000 through May of 2018		250,000		935,615
Total notes payable		515,538		664,787
Due within one year		344,877		270,828
Due after one year	$	170,661	$	39,021

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

		Note		Discount		Net
1 year	$	344,877	$	(9,072)	$	335,805
2 years		84,818		-		84,818
3 years		4,260		-		4,260
4 years		81,583		-		81,583
Total	$	515,538	$	(9,072)	$	506,466

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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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