v3.7.0.1

Note C - Loans and Notes Payable, Related Parties

12 Months Ended

Dec. 31, 2013

Notes

Note C - Loans and Notes Payable, Related Parties

Note C – Loans and Notes Payable, Related Parties

We have related party debt obligations outstanding at December 31, 2013 and 2012 as follows:

		2013				2012
Note payable to Terry Turner with an interest rate of 5% that originally matured on July 27, 2013 but was extended to July 27, 2014. This note was entered into in lieu of a severance payment due to Mr. Turner in accordance with his employment agreement. On August 31, 2016, the Company and Mr. Turner agreed to satisfy outstanding principal and interest with proceeds from the sale of the Gold Bar Mill.  In consideration of this concession, Mr. Turner was issued 1,000 shares of the Company's stock in June 2016.  The note is collateralized by the Company's interest in the Gold Bar Mill.  As of December 31, 2013, there was $25,027 in accrued interest outstanding on this note.		$	350,000			$	350,000
Note payable to Tracy Madsen with an interest rate of 5% that originally matured on August 11, 2014. This note was entered into in lieu of a severance payment due to Mr. Madsen in accordance with his employment agreement. On August 31, 2016, the Company and Mr. Madsen agreed to satisfy outstanding principal and interest with proceeds from the sale of the Gold Bar Mill.  In consideration of this concession, Mr. Madsen was issued 1,000 shares of the Company's stock in June 2016.  The note is collateralized by the Company's interest in the Gold Bar Mill.  As of December 31, 2013, there was $7,781 in accrued interest outstanding on this note.		$	266,667			$	-
Uncollateralized Note Payable to Gulf Coast Capital with an interest rate of 5% that matured on December 31, 2013. As of December 31, 2013, there was $1,299 in accrued interest outstanding on this note, which is in default.		$	65,000			$	-
Total Notes Payable, Related Parties		$	681,667			$	350,000

X

- 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://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.19,20,22)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

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X

- References

No definition available.

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