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9. Notes Payable

6 Months Ended

Jun. 30, 2018

Notes

9. Notes Payable

9.             Notes Payable

At June 30, 2018 and December 31, 2017, notes payable are as follows:

		June 30, 2018		December 31,  2017
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 $459	$	33,389	$	35,416
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 $1,124; paid in full in May 2018		-		91,155
Tailings pump, 35 month note payable, 17.5% interest rate payable monthly through May of 2018, monthly payments of $3,268, collateralized by equipment		-		14,641
Haul truck, 20 month note payable, 10.0% interest rate payable monthly through May of 2019, monthly payments of 6,020, collateralized by equipment		65,206		97,126
Compressor, 48 month note payable, 5.25% interest rate payable monthly through November 2021, monthly payments of $813, collateralized by equipment		31,749		34,452
Jumbo drill and 1 yrd. LHD, 12 month note payable, 8% interest rate payable monthly through January of 2019, monthly payments of $10,874, collateralized by equipment		74,125		-
Atlas Copco loader, 60 month note payable, 10.5% interest rate payable monthly through June 2023, monthly payments of $3,550		165,925		-
Caterpillar excavator and skid steer, 48 month note payable, 6.8% interest rate payable monthly through June 2022, monthly payments of $2,392		100,300		-
2018 pick-up, 72 month note payable, 9% interest rate payable monthly through June 2024, monthly payments of $701		38,740		-
2008 pick-up, 60 month note payable, 9% interest rate payable monthly through June 2023, monthly payments of $562		27,000		-
Total notes payable		536,434		272,790
Due within one year		240,696		95,988
Due after one year	$	295,738	$	176,802

Future principal payments of debt at June 30, 2018 are as follows:

12 months ended June 30,
2019	$	240,696
2020		72,925
2021		79,335
2022		81,788
2023		53,899
2024		7,791
Total	$	536,434

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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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