Property and Equipment

9 Months Ended

Sep. 30, 2019

Property, Plant and Equipment [Abstract]

PROPERTY AND EQUIPMENT

NOTE 6 – PROPERTY AND EQUIPMENT

The following is a summary of property and equipment at September 30, 2019 and December 31, 2018:

	September 30,			December 31,
	2019			2018
Equipment	$	4,563,395		$	3,093,690
Furniture and fixtures		6,981			6,981
Electronic and computer equipment		50,587			52,874
Vehicles		211,005			108,089
Land improvements		44,840			-
Land		250,000			-
		5,126,808			3,261,634
Less accumulated depreciation		(2,069,019	)		(1,856,149	)
		3,057,789			1,405,485
Kiewit property facilities		2,497,436			2,497,436
Less accumulated amortization		(531,638	)		(487,214	)
		1,965,798			2,010,222
Total	$	5,023,587		$	3,415,707

For the Kiewit property facilities, amortization expense is based on units of production. Amortization based on total units of production, plus an adjustment in total expected ounces expected to be produced from the facilities, resulted in an amortization adjustment of $123,506 and $83,965 for the three and nine months ended September 30, 2019, respectively. There was no amortization in the three and nine months ended September 30, 2018 due to the lack of production.

On June 13, 2019, the Company entered into an agreement whereby the Company acquired 20 claims adjacent to the Kiewit property from Ben Julian, LLC for $250,000.