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10. Notes Payable

3 Months Ended

Mar. 31, 2021

Notes

10. Notes Payable

10. Notes Payable 

At March 31, 2021 and December 31, 2020, notes payable are as follows:

		March 31, 2021		December 31, 2020
Paus 2 yrd. LHD, 48 month note payable, 4.78% interest rate payable through September 2024, monthly payments of $5,181	$	204,357	$	217,354
Paus 2 yrd. LHD, 60 month note payable, 3.45% interest rate payable through July 2024, monthly payments of $4,847		182,881		195,768
Compressor, 48 month note payable, 5.25% interest rate payable monthly through November 2021, monthly payments of $813		7,618		9,958
CarryAll transport, 36 month note payable, 4.5% interest rate payable monthly through February 2024, monthly payments of $303		9,933		-
Atlas Copco loader, 60 month note payable, 10.5% interest rate payable monthly through June 2023, monthly payments of $3,550		85,001		93,265
Caterpillar 306 excavator, 48 month note payable, 4.6% interest payable monthly through November 2024, monthly payments of $1,512		61,093		64,896
Caterpillar 938 loader, 60 month note payable, 6.8% interest rate payable monthly through August 2023, monthly payments of $3,751		100,047		109,492
Caterpillar R1600 LHD, 48 month note payable, 4.5% interest rate payable through January 2025, monthly payments of $17,125		722,212		-
Caterpillar AD22 underground truck, 48 month note payable, 6.45% interest rate payable through June 2023, monthly payments of $12,979		324,773		358,043
Total notes payable		1,697,915		1,048,776
Due within one year		522,633		339,704
Due after one year	$	1,175,282	$	709,072

All notes are collateralized by the property or equipment purchased in connection with each note. Future principal payments of notes payable at March 31, 2021 are as follows:

12 months ended March 31,
2022	$	522,633
2023		544,371
2024		396,336
2025		234,575
Total	$	1,697,915

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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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