Obligation under Capital Lease - Related Party

6 Months Ended

Jun. 30, 2017

Obligation Under Capital Lease - Related Party [Abstract]

OBLIGATION UNDER CAPITAL LEASE - RELATED PARTY

NOTE 8 – OBLIGATION UNDER CAPITAL LEASE - RELATED PARTY

A capital lease was entered into on June 20, 2016 with RMH Overhead, LLC for the purchase of mining and crushing equipment. RMH Overhead, LLC is an entity owned by the Company’s President, Rick Havenstrite. For the periods ended June 30, 2017 and December 31, 2016, equipment includes assets under capital lease amounting to $185,618 and $185,618, respectively. The lease is being amortized over the estimated useful life of the equipment. Accumulated amortization at June 30, 2017 and December 31, 2016 was $26,517 and $13,258, respectively. At June 30, 2017, the estimated future minimum lease payments under the capital lease were as follows:

Year ending June 30,
2018	$	108,000
Total		108,000
Less: Implied interest		(8,286	)
Net present value		99,714
Less: Capital lease obligation-current portion		(99,714	)
Long-term capital lease obligation	$	-0-