XML 30 R13.htm IDEA: XBRL DOCUMENT v3.7.0.1
Note 7 - Notes and Leases Payable
 12 Months Ended
Dec. 31, 2016
Notes to Financial Statements  
Debt Disclosure [Text Block]
NOTE
7
- NOTES AND LEASES PAYABLE
 
Notes payable at
December
31,
2016
and
2015
consist of the following:
 
   
December 31,
  
   
2016
    
2015
  
                 
Note payable for mining equipment, payable $950 monthly, including interest (a)
   $
- 0 -
     $
3,714
  
Note payable for equipment, payable $1,339 monthly, including interest (b)
    
28,033
      
42,235
  
Note payable for mine site vehicle, payable $628 monthly (c)
    
5,655
      
13,196
  
Note payable to an insurance company, payable $9,055 monthly, including interest (d)
    
- 0 -
      
60,953
  
Note payable to an insurance company, payable $18,609 monthly, including interest (e)
    
- 0 -
      
124,019
  
Note payable to an insurance company, payable $6,460 monthly, including interest (f)
    
51,679
      
- 0 -
  
Note payable to an insurance company, payable $16,297 monthly, including interest (g)
    
161,855
      
- 0 -
  
     
247,222
      
244,117
  
Less: Current Portion
    
(234,149
)
    
(210,429
)
Notes Payable, Long-Term Portion
   $
13,073
     $
33,688
  
 
 
(a)
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.
 
(b)
On
October
31,
2014,
the Company purchased mining equipment for
$65,120
by paying deposit and issuing a note in the amount of
$57,900
with an interest rate of
5.2%.
The note is collateralized by the mining equipment with payments of
$1,339
for
48
months, which started on
November
30,
2014.
 
(c)
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.
 
(d)
The Company signed a note payable with an insurance company dated
October
21,
2015
for liability insurance, due in monthly installments, including interest at
11.845%.
 
(e)
The Company signed a note payable with an insurance company dated
October
17,
2015
for liability insurance, due in monthly installments, including interest at
3.000%.
 
(f)
The Company signed a note payable with an insurance company dated
October
17,
2016
for liability insurance, due monthly installments, including interest at
4.15%
 
(g)
The Company signed a note payable with an insurance company dated
October
17,
2016
for liability insurance, due monthly installments, including interest at
2.60%
 
The following is a schedule of the principal maturities on these notes as of
December
31,
2016:
 
2017
   $
234,149
  
2018
    
13,073
  
Total Notes Payable
   $
247,222
  
 
During the
2016
and
2015,
the Company's interest payments totaled
$4,956
and
$12,839,
respectively.