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11. Notes Payable

9 Months Ended

Sep. 30, 2021

Notes

11. Notes Payable

11. Notes Payable 

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

		September 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	$	177,893	$	217,354
Paus 2 yrd. LHD, 60-month note payable, 3.45% interest rate payable through July 2024, monthly payments of $4,847		156,772		195,768
Compressor, 48-month note payable, 5.25% interest rate payable monthly through November 2021, monthly payments of $813		2,844		9,958
CarryAll transport, 36-month note payable, 4.5% interest rate payable monthly through June 2024, monthly payments of $627		19,421		-
CarryAll transport, 36-month note payable, 4.5% interest rate payable monthly through February 2024, monthly payments of $303		8,321		-
Atlas Copco loader, 60-month note payable, 10.5% interest rate payable monthly through June 2023, monthly payments of $3,550		67,807		93,265
Sandvik LH203 LHD, 36-month note payable, 4.5% interest payable monthly through May 2027, monthly payments of $10,352		311,608		-
Doosan Compressor, 36-month note payable, 6.99% interest payable monthly through July 2024, monthly payments of $602		18,558		-
Caterpillar 306 excavator, 48-month note payable, 4.6% interest payable monthly through November 2024, monthly payments of $1,512		53,355		64,896
Caterpillar 938 loader, 60-month note payable, 6.8% interest rate payable monthly through August 2023, monthly payments of $3,751		80,671		109,492
Caterpillar R1600 LHD, 48-month note payable, 4.5% interest rate payable through January 2025, monthly payments of $17,125		634,922		-
Caterpillar AD22 underground truck, 48-month note payable, 6.45% interest rate payable through June 2023, monthly payments of $12,979		256,608		358,043
Total notes payable		1,788,780		1,048,776
Due within one year		657,738		339,704
Due after one year	$	1,131,042	$	709,072

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

12 months ended September 30,
2022	$	657,738
2023		637,511
2024		417,524
2025		76,007
Total	$	1,788,780

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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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