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10. Notes Payable

9 Months Ended

Sep. 30, 2020

Notes

10. Notes Payable

10. Notes Payable 

At September 30, 2020 and December 31, 2019, notes payable are as follows:

		September 30, 2020		December 31, 2019
Paus 2 yrd. LHD, 48 month note payable, 3.45% interest rate payable through September 2024, monthly payments of $5,181	$	230,197	$	267,820
Paus 2 yrd. LHD, 60 month note payable, 4.78% interest rate payable through July 2024, monthly payments of $4,847		208,544		-
Compressor, 48 month note payable, 5.25% interest rate payable monthly through November 2021, monthly payments of $813		12,268		19,018
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
Atlas Copco loader, 60 month note payable, 10.5% interest rate payable monthly through June 2023, monthly payments of $3,550		101,316		124,238
2018 pick-up, 72 month note payable, 9.0% interest rate payable monthly through June 2024, monthly payments of $701		-		30,863
Property with shop, 48 month note payable, 6.49% interest rate payable monthly through August 2023, monthly payments of $707		-		27,624
2008 pick-up, 60 month note payable, 9.0% interest rate payable monthly through June 2023, monthly payments of $562		-		20,088
Caterpillar 938 loader, 60 month note payable, 6.8% interest rate payable monthly through August 2023, monthly payments of $3,751		118,778		145,709
MultiQuip DCA70 Generator, 48 month note payable, 7.25% interest rate payable through August 2022, monthly payments of $635		-		18,433
CaterpillarAD22 underground truck, 48 month note payable, 6.45% interest rate payable through June 2023, monthly payments of $12,979		390,781		485,896
Total notes payable		1,061,884		1,205,524
Due within one year		319,294		303,987
Due after one year	$	742,590	$	901,537

All notes are collateralized by the property or equipment purchased in connection with each note. Future principal payments of notes payable at September 30, 2020 are as follows:

12 months ended September 30,
2021	$	319,294
2022		332,496
2023		296,891
2024		108,063
2025		5,140
Total	$	1,061,884

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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

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- References

No definition available.

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