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10. Notes Payable

6 Months Ended

Jun. 30, 2021

Notes

10. Notes Payable

10. Notes Payable 

At June 30, 2021 and December 31, 2020, notes payable are as follows:

		June 30, 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	$	191,204	$	217,354
Paus 2 yrd. LHD, 60 month note payable, 3.45% interest rate payable through July 2024, monthly payments of $4,847		169,883		195,768
Compressor, 48 month note payable, 5.25% interest rate payable monthly through November 2021, monthly payments of $813		5,247		9,958
CarryAll transport, 36 month note payable, 4.5% interest rate payable monthly through June 2024, monthly payments of $627		21,070
CarryAll transport, 36 month note payable, 4.5% interest rate payable monthly through February 2024, monthly payments of $303		9,131		-
Atlas Copco loader, 60 month note payable, 10.5% interest rate payable monthly through June 2023, monthly payments of $3,550		76,517		93,265
Sandvik LH203 LHD, 36 month  note payable, 4.5% interest payable monthly through May 2027, monthly payments of $10,352		338,953
Caterpillar 306 excavator, 48 month note payable, 4.6% interest payable monthly through November 2024, monthly payments of $1,512		57,246		64,896
Caterpillar 938 loader, 60 month note payable, 6.8% interest rate payable monthly through August 2023, monthly payments of $3,751		90,441		109,492
Caterpillar R1600 LHD, 48 month note payable, 4.5% interest rate payable through January 2025, monthly payments of $17,125		678,812		-
Caterpillar AD22 underground truck, 48 month note payable, 6.45% interest rate payable through June 2023, monthly payments of $12,979		290,965		358,043
Total notes payable		1,929,469		1,048,776
Due within one year		645,390		339,704
Due after one year	$	1,284,079	$	709,072

10. Notes Payable (continued) 

All notes are collateralized by the property or equipment purchased in connection with each note. Future principal payments of notes payable at June 30, 2021 are as follows:

12 months ended June 30,
2022	$	645,390
2023		675,368
2024		457,814
2025		150,897
Total	$	1,929,469

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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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