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Notes Payable

12 Months Ended

Dec. 31, 2024

Notes Payable

Notes Payable

6. Notes Payable

At December 31, 2024 and 2023, notes payable are as follows:

		2024				2023
Mine Equipment Monthly payments of $55,803 and $98,752 as of December 31, 2024 and 2023, respectively		$	962,384			$	1,859,299
Mill Equipment Monthly payments of $11,498 and $0 as of December 31, 2024 and 2023, respectively			540,773				-
Buildings/Land Monthly payments of $2,500 and $2,500 as of December 31, 2024 and 2023, respectively			229,582				297,230
Other Monthly payments of $0 and $731 as of December 31, 2024 and 2023, respectively			-				160,123
Total notes payable			1,732,739				2,316,652
Due within one year			709,381				978,246
Due after one year		$	1,023,358			$	1,338,406

All notes are collateralized by the property or equipment purchased in connection with each note. Future principal payments of notes payable at December 31, 2024 are as follows:

2025		$	709,381
2026			485,852
2027			313,374
2028			124,118
2029			100,014
Total		$	1,732,739

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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.

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