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7. Notes Payable | 12 Months Ended
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Dec. 31, 2020
Notes |
7. Notes Payable | 7. Notes Payable At December 31, 2020 and 2019, notes payable are as follows:
|  | 2020 |  | 2019
Paus 2 yrd. LHD, 60 month note payable, 4.78% interest rate payable through October 2024, monthly payments of $5,181 | $ | 217,354 | $ | 267,820
Paus 2 yrd. LHD, 60 month note payable, 3.45% interest rate payable through July 2024, monthly payments of $4,847 |  | 195,768 |  | -
Compressor, 48 month note payable, 5.25% interest rate payable monthly through November 2021, monthly payments of $813 |  | 9,958 |  | 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, paid in full in 2020 |  | - |  | 65,835
Atlas Copco loader, 60 month note payable, 10.5% interest rate payable monthly through June 2023, monthly payments of $3,550 |  | 93,265 |  | 124,238
2018 pick-up truck, 72 month note payable, 9% interest rate payable monthly through June 2024, monthly payments of $701, paid in full in 2020 |  | - |  | 30,863
Property with shop, 48 month note payable, 6.49% interest rate payable monthly through August 2023, monthly payments of $707, paid in full in 2020 |  | - |  | 27,624
2008 pick-up truck, 60 month note payable, 9% interest rate payable monthly through June 2023, monthly payments of $562, paid in full in 2020 |  | - |  | 20,088
Caterpillar 306 excavator, 48 month note payable, 4.6% interest payable monthly through November 2024, monthly payments of $1,512 |  | 64,896 |  | -
Caterpillar 938 loader, 60 month note payable, 6.8% interest rate payable monthly through August 2023, monthly payments of $3,751 |  | 109,492 |  | 145,709
MultiQuip DCA70 Generator, 48 month note payable, 7.25% interest rate payable through August 2022, monthly payments of $635, paid in full in 2020 |  | - |  | 18,433
Caterpillar AD22 haul truck, 48 month note payable, 6.45% interest rate payable monthly through June 2023, monthly payments of $12,979 |  | 358,043 |  | 485,896
Total notes payable |  | 1,048,776 |  | 1,205,524
Due within one year |  | 339,704 |  | 303,987
Due after one year | $ | 709,072 | $ | 901,537
All notes are collateralized by the property or equipment purchased in connection with each note. Future principal payments of debt at December 31, 2020 are as follows:
2021 | $ | 339,704
2022 |  | 351,432
2023 |  | 257,175
2024 |  | 100,465
Total | $ | 1,048,776

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- Definition The entire disclosure for debt and capital lease obligations can be reported. 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. Also includes descriptions and amounts of capital leasing arrangements that consist of direct financing, sales type and leveraged leases. Disclosure may include the effect on the balance sheet and the income statement resulting from a change in lease classification for leases that at inception would have been classified differently had guidance been in effect at the inception of the original lease. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -URI http://asc.fasb.org/topic&trid=2208923 Reference 2: 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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