XML 37 R40.htm IDEA: XBRL DOCUMENT v2.4.0.8
NOTES AND LEASES PAYABLE (Details) (USD $)
12 Months Ended 0 Months Ended 0 Months Ended 0 Months Ended 0 Months Ended 0 Months Ended 0 Months Ended 0 Months Ended 0 Months Ended 0 Months Ended 0 Months Ended 0 Months Ended 0 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Jul. 07, 2011
Note Payable Mining Equipment [Member]
Dec. 31, 2013
Note Payable Mining Equipment [Member]
Dec. 31, 2012
Note Payable Mining Equipment [Member]
Apr. 17, 2012
Note Payable Mining Equipment 2 [Member]
Dec. 31, 2013
Note Payable Mining Equipment 2 [Member]
Dec. 31, 2012
Note Payable Mining Equipment 2 [Member]
Jul. 23, 2012
Note Payable Mining Equipment 3 [Member]
Dec. 31, 2013
Note Payable Mining Equipment 3 [Member]
Dec. 31, 2012
Note Payable Mining Equipment 3 [Member]
Jul. 19, 2012
Note Payable Mining Equipment 4 [Member]
Dec. 31, 2013
Note Payable Mining Equipment 4 [Member]
Dec. 31, 2012
Note Payable Mining Equipment 4 [Member]
Jul. 19, 2012
Note Payable Mining Equipment 5 [Member]
Dec. 31, 2013
Note Payable Mining Equipment 5 [Member]
Dec. 31, 2012
Note Payable Mining Equipment 5 [Member]
Sep. 20, 2012
Note Payable Mining Site Vehicle [Member]
Dec. 31, 2013
Note Payable Mining Site Vehicle [Member]
Dec. 31, 2012
Note Payable Mining Site Vehicle [Member]
Nov. 16, 2012
Note Payable Mining Equipment 6 [Member]
Dec. 31, 2013
Note Payable Mining Equipment 6 [Member]
Dec. 31, 2012
Note Payable Mining Equipment 6 [Member]
Nov. 16, 2012
Note Payable Mining Equipment 7 [Member]
Dec. 31, 2013
Note Payable Mining Equipment 7 [Member]
Dec. 31, 2012
Note Payable Mining Equipment 7 [Member]
Oct. 17, 2012
Note Payable Insurance Company 2 [Member]
Dec. 31, 2013
Note Payable Insurance Company 2 [Member]
Dec. 31, 2012
Note Payable Insurance Company 2 [Member]
Oct. 17, 2012
Note Payable Insurance Company 3 [Member]
Dec. 31, 2013
Note Payable Insurance Company 3 [Member]
Dec. 31, 2012
Note Payable Insurance Company 3 [Member]
Oct. 17, 2013
Note Payable Insurance Company 4 [Member]
Dec. 31, 2013
Note Payable Insurance Company 4 [Member]
Dec. 31, 2012
Note Payable Insurance Company 4 [Member]
Oct. 21, 2013
Note Payable Insurance Company 5 [Member]
Dec. 31, 2013
Note Payable Insurance Company 5 [Member]
Dec. 31, 2012
Note Payable Insurance Company 5 [Member]
NOTES PAYABLE [Abstract]                                                                              
Notes payable $ 351,991 $ 597,896     $ 42,927 [1] $ 97,769 [1]   $ 23,302 [2] $ 31,565 [2]   $ 76,313 [3] $ 142,840 [3]   $ 0 [4] $ 10,130 [4]   $ 0 [4] $ 53,517 [4]   $ 28,276 [5] $ 35,816 [5]   $ 9,932 [6] $ 64,708 [6]   $ 8,898 [7] $ 32,192 [7]   $ 0 [8] $ 98,714 [8]   $ 0 [9] $ 30,645 [9]   $ 132,576 [10] $ 0 [10]   $ 29,767 [11] $ 0 [11]
Less: current portion (311,165) (413,470)                                                                          
Note payable, long-term portion 40,826 184,426                                                                          
Monthly debt repayment       5,556     950     6,060     7,409     5,000     628     5,000     1,632     16,604     4,447     19,139     4,297    
Maturity date                                                       Jun. 30, 2013     Jul. 31, 2013     Jul. 31, 2014     Jul. 31, 2014    
Face amount       198,838     40,565     169,500     39,042     79,735     37,701     67,960     33,748                            
Implicit interest rate (in hundredths)       9.34%     11.279%     5.50%     5.50%     5.50%           5.50%     5.50%     3.15%     4.732%     3.15%     3.15%    
Debt repayment period (in months)       36 months     48 months     30 months     4 months     15 months     60 months                                        
Monthly debt repayment, first three months                                           3,518                                  
Monthly debt repayment, next twelve months                                                 2,250                            
Future minimum note payment [Abstract]                                                                              
2014 311,165                                                                            
2015 23,916                                                                            
2016 11,254                                                                            
2017 5,656                                                                            
Interest payments $ 23,180 $ 18,206 $ 58,029                                                                        
[1] On July 7, 2011, the Company purchased mining equipment for $198,838 by issuing a note with an implicit interest rate of 9.34%. The note is collateralized by the mining equipment with payments of $5,556 for 36 months, which started on August 15, 2011
[2] On April 17, 2012, the Company purchased mining equipment for $40,565 by issuing a note with an effective interest rate of 11.279%. The note is collateralized by the mining equipment with payments of $950 for 48 months, which started on May 1, 2012
[3] On July 23, 2012, the Company purchased mining equipment for $169,500 by issuing a note with an interest rate of 5.5%. The note is collateralized by the mining equipment with payments of $6,060 for 30 months, which started on August 25, 2012
[4] On July 19, 2012, the Company purchased two pieces of mining equipment that had been leased for $39,042 and $79,735, respectively, by issuing notes with an implicit interest rate of 5.5% and are collateralized by the mining equipment with payments of $ 7,409 and $5,000 for 4 and 15 months, respectively
[5] On September 20, 2012, the Company purchased a vehicle for the mine site for $37,701 by issuing a non-interest bearing note. The note is collateralized by the vehicle with payments of $628 for 60 months, which started on October 20, 2012
[6] On November 16, 2012, the Company purchased a piece of mining equipment that had been leased for $67,960 by issuing a note with an effective interest rate of 5.5%. The note is collateralized by the mining equipment with payments of $3,518 for three months, then $5,000 for twelve months
[7] On November 16, 2012, the Company purchased a piece of mining equipment that had been leased for $33,748 by issuing a note with an effective interest rate of 5.5%. The note is collateralized by the mining equipment with payments of $1,632 for five months, then $2,250 for twelve months
[8] The Company signed a note payable with an insurance company dated October 17, 2012 for directors' and officers' insurance, due in monthly installments, including interest at 3.15%. The note matured in June 2013 and was repaid.
[9] The Company signed a note payable with an insurance company dated October 17, 2012 for liability insurance, due in monthly installments, including interest at 4.732%. The note matured in July 2013 and was repaid.
[10] The Company signed a note payable with an insurance company dated October 17, 2013 for directors’ and officers’ insurance, due in monthly installments, including interest at 3.15%. The note will mature on July 2014.
[11] The Company signed a note payable with an insurance company dated October 21, 2013 for liability insurance, due in monthly installments, including interest at 3.15%. The note will mature on July 2014.