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7. Notes Payable | 12 Months Ended
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Dec. 31, 2019
Notes |
7. Notes Payable | 7. Notes Payable At December 31, 2019 and 2018, notes payable are as follows:
|  | 2019 |  | 2018
Property with shop, 48 month note payable, 6.49% interest rate payable monthly through August 2023, monthly payments of $707 | $ | 27,624 | $ | 31,319
Haul truck, 20 month note payable, 10.0% interest rate payable monthly through May 2019, monthly payments of $6,020 |  | - |  | 31,657
Compressor, 48 month note payable, 5.25% interest rate payable monthly through November 2021, monthly payments of $813 |  | 19,018 |  | 27,616
Jumbo drill and 1 yrd. LHD, 12 month note payable, 8% interest rate payable monthly through January 2019, monthly payments of $10,874 |  | - |  | 10,802
Atlas Copco loader, 60 month note payable, 10.5% interest rate payable monthly through June 2023, monthly payments of $3,550 |  | 124,238 |  | 152,125
Caterpillar excavator and skid steer, 48 month note payable, 6.8% interest rate payable monthly through June 2022, monthly payments of $2,392 |  | 65,835 |  | 89,199
2018 pick-up truck, 72 month note payable, 9% interest rate payable monthly through June 2024, monthly payments of $701 |  | 30,863 |  | 36,230
2008 pick-up truck, 60 month note payable, 9% interest rate payable monthly through June 2023, monthly payments of $562 |  | 20,088 |  | 24,798
Haul truck, 13 month note payable, 8.0% interest rate payable monthly through July 2019, monthly payments of $5,000 |  | - |  | 34,085
Caterpillar 938 loader, 60 month note payable, 6.8% interest rate payable monthly through August 2023, monthly payments of $3,751 |  | 145,709 |  | 179,552
MultiQuip DCA70 Generator, 48 month note payable, 7.25% interest rate payable through August 2022, monthly payments of $635 |  | 18,433 |  | 24,480
Caterpillar AD22 haul truck, 48 month note payable, 6.45% interest rate payable monthly through June 2023, monthly payments of $12,979 |  | 485,896 |  | -
Paus PFL-20 LHD, 60 month note payable, 4.78% interest rate payable through October 2024, monthly payments of $5,181 |  | 267,820 |  | -
Total notes payable |  | 1,205,524 |  | 641,863
Due within one year |  | 303,987 |  | 217,679
Due after one year | $ | 901,537 | $ | 424,184
All notes are collateralized by the property or equipment purchased in connection with each note. Future principal payments of debt at December 31, 2019 are as follows:
2020 | $ | 303,987
2021 |  | 325,165
2022 |  | 321,231
2023 |  | 200,607
2024 |  | 54,534
Total | $ | 1,205,524

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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