v3.7.0.1

Note C - Loans and Notes Payable - Related Parties

12 Months Ended

Dec. 31, 2014

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, 2014 and 2013 as follows:

Note payable to Terry Turner with an interest rate of 5% that matured on July 27, 2013 and is collateralized by the Gold Bar Mill. This note was entered into on July 27, 2012 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 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 common stock.  As of December 31, 2014 and 2013, there was $42,527 and $25,027, respectively, in accrued interest outstanding on this note.  On December 30, 2016, this note and the Gold Bar Mill were transferred to a subsidiary we created in October 2016 that was subsequently spun off, as explained in Note G.		$	350,000			$	350,000
Note payable to Tracy Madsen with an interest rate of 5% that matured on August 12, 2014 and is collateralized by the Gold Bar Mill. This note was entered into on August 12, 2013 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 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 common stock. As of December 31, 2014 and 2013, there was $21,114 and $7,781, respectively, in accrued interest outstanding on this note. On December 30, 2016, this note and the Gold Bar Mill were transferred to a subsidiary we created in October 2016 that was subsequently spun off, as explained in Note G.		$	266,667			$	266,667
Uncollateralized Notes Payable to Gulf Coast Capital with an interest rate of 5% that were issued on August 2, 2013 and October 22, 2014, and are due on demand. As of December 31, 2014 and 2013, there was $4,602 and $1,299, respectively, in accrued interest outstanding.		$	70,500			$	65,000
Uncollateralized Note Payable to Terry Turner with an interest rate of 5% that was issued on various dates during 2014 and matured on December 31, 2014. As of December 31, 2014, there was $1,275 in accrued interest outstanding on this note.		$	45,500				--
Total		$	732,667			$	681,667

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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://www.xbrl.org/2003/role/presentationRef
-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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