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Asset Retirement Obligations | 12 Months Ended
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Dec. 31, 2021
Asset Retirement Obligations |
Asset Retirement Obligations | 7. Asset Retirement Obligations The Company has established asset retirement obligations associated with the ultimate closing of its mineral properties where there has been or currently is operations. Obligations were established for the New Jersey mill in 2014 and the Golden Chest mine in 2016. Activity for the years ended December 31, 2021, and 2020 is as follows:
|  | 2021 |  |  | 2020 |
Balance at January 1 |  | $ | 173,001 |  |  | $ | 163,369 |
Accretion expense |  |  | 9,953 |  |  |  | 9,632 |
Change in asset retirement obligation estimate |  |  | (10,606 | ) |  |  | - |
Balance at December 31 |  | $ | 172,348 |  |  | $ | 173,001 |
The change in the asset retirement obligation estimate during the current year related to a revision to the estimated start of the reclamation process to a later date at our Golden Chest properties.

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- Definition The entire disclosure for an asset retirement obligation and the associated long-lived asset. An asset retirement obligation is a legal obligation associated with the disposal or retirement from service of a tangible long-lived asset that results from the acquisition, construction or development, or the normal operations of a long-lived asset, except for certain obligations of lessees. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 410 -SubTopic 20 -Section 50 -Paragraph 2 -URI https://asc.fasb.org/extlink&oid=6392692&loc=d3e7569-110849 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 410 -SubTopic 20 -URI https://asc.fasb.org/subtopic&trid=2175671 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 410 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=6392692&loc=d3e7535-110849 + Details
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