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Notes Payable | 12 Months Ended
--- | ---
Dec. 31, 2022
Notes Payable |
Notes Payable | 6. Notes Payable At December 31, 2022 and 2021, notes payable are as follows:
|  | 2022 |  |  | 2021 |
Building in Salmon, Idaho, 60-month note payable, 7.00% interest rate payable monthly through June 2027, monthly payments of $2,500 with a balloon payment of $260,886 in July 2027 |  | $ | 306,084 |  |  | $ | - |
Resemin Muki Bolter, 36-month note payable, 7.00% interest rate payable monthly through January 2025, monthly payments of $14,821 |  |  | 345,268 |  |  |  | - |
Paus 2 yrd. LHD, 60-month note payable, 4.78% interest rate payable through October 2024, monthly payments of $5,181 |  |  | 108,904 |  |  |  | 164,422 |
Paus 2 yrd. LHD, 60-month note payable, 3.45% interest rate payable through July 2024, monthly payments of $4,847 |  |  | 89,493 |  |  |  | 143,547 |
Compressor, 48-month note payable, 5.25% interest rate payable monthly through January 2022, monthly payments of $813 |  |  | - |  |  |  | 410 |
CarryAll transport, 36-month note payable, 4.5% interest rate payable monthly through June 2024, monthly payments of $627 |  |  | 10,891 |  |  |  | 17,752 |
CarryAll transport, 36-month note payable, 4.5% interest rate payable monthly through February 2024, monthly payments of $303 |  |  | 4,130 |  |  |  | 7,501 |
Two CarryAll transports, 36-month note payable, 6.3% interest rate payable monthly through May 2025, monthly payments of $1,515 |  |  | 40,687 |  |  |  | - |
CarryAll transport, 36-month note payable, 6.3% interest rate payable monthly through June 2025, monthly payments of $866 |  |  | 23,987 |  |  |  | - |
Atlas Copco loader, 60-month note payable, 10.5% interest rate payable monthly through June 2023, monthly payments of $3,550 |  |  | 20,660 |  |  |  | 58,866 |
Sandvik LH203 LHD, 36-month note payable, 4.5% interest rate payable monthly through May 2024, monthly payments of $10,352 |  |  | 170,182 |  |  |  | 283,955 |
Sandvik LH202 LHD, 36-month note payable, 6.9% interest rate payable monthly through August 2025, monthly payments of $4,933 |  |  | 143,812 |  |  |  | - |
Doosan Compressor, 36-month note payable, 6.99% interest rate payable monthly through July 2024, monthly payments of $602 |  |  | 10,820 |  |  |  | 17,064 |
Caterpillar 306 excavator, 48-month note payable, 4.6% interest rate payable monthly through November 2024, monthly payments of $1,512 |  |  | 33,216 |  |  |  | 49,421 |
Caterpillar 938 loader, 60-month note payable, 6.8% interest rate payable monthly through August 2023, monthly payments of $3,751 |  |  | 29,256 |  |  |  | 70,734 |
Caterpillar R1600 LHD, 48-month note payable, 4.5% interest rate payable through January 2025, monthly payments of $17,125 |  |  | 407,909 |  |  |  | 590,535 |
Caterpillar AD22 haul truck, 48-month note payable, 6.45% interest rate payable monthly through June 2023, monthly payments of $12,979 |  |  | 76,287 |  |  |  | 221,694 |
Small Business Administration EIDL 30 year note payable, 3.75% interest payable monthly through December 2054, monthly payments of $731 |  |  | 163,287 |  |  |  | 169,211 |
2022 Dodge Ram, 75-month note payable, 5.99% interest rate payable monthly through June 2028, monthly payments of $1,152 |  |  | 64,648 |  |  |  | - |
2016 Dodge Ram, 75-month note payable, 5.99% interest rate payable monthly through June 2028, monthly payments of $1,190 |  |  | 66,758 |  |  |  | - |
2020 Ford Transit Van, 72-month note payable, 9.24% interest rate payable monthly through December 2028, monthly payments of $1,060 |  |  | 58,182 |  |  |  | - |
Total notes payable |  |  | 2,174,461 |  |  |  | 1,795,112 |
Due within one year |  |  | 859,393 |  |  |  | 666,622 |
Due after one year |  | $ | 1,315,068 |  |  | $ | 1,128,490 |
All notes are collateralized by the property or equipment purchased in connection with each note. Future principal payments of debt at December 31, 2022 are as follows:
2023 |  | $ | 859,393 |
2024 |  |  | 654,190 |
2025 |  |  | 130,164 |
2026 |  |  | 48,879 |
2027 |  |  | 307,218 |
2028 |  |  | 29,163 |
thereafter |  |  | 145,454 |
Total |  | $ | 2,174,461 |
In the second quarter of 2020 the Company received a loan of $149,900 pursuant to the Small Business Act Section 7(b). The loan which was in the form of a Note dated May 16, 2020, matures May 16, 2050, and bears interest at a rate of 3.75% per annum. Payments of $731 are due monthly began in November 2022. At December 31, 2022 and 2021 accrued interest on the loan was $13,925 and $9,311, respectively and is included in the Small Business Administration Loan balance on the previous page. In the second quarter of 2022, it was determined that an additional $10,000 also received in the second quarter of 2020 was a grant that was forgiven as part of the Covid-19 relief program. This $10,000 was recorded as a gain on forgiveness of the SBA loan in the statement of operations during the second quarter of 2022.

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