Notes Payable |
11. Notes Payable At March 31, 2023 and December 31, 2022, notes payable are as follows: | | March 31, 2023 | | | December 31, 2022 | | Building in Salmon, Idaho, 60-month note payable, 7.00% interest payable monthly through June 2027, monthly payments of $2,500 with a balloon payment of $260,886 in July 2027 | | $ | 303,928 | | | $ | 306,084 | | Resemin Muki Bolter, 36-month note payable, 7.00% interest payable monthly through January 2025, monthly payments of $14,821 | | | 306,623 | | | | 345,268 | | Paus 2 yrd. LHD, 48-month note payable, 4.78% interest rate payable through September 2024, monthly payments of $5,181 | | | 94,605 | | | | 108,904 | | Paus 2 yrd. LHD, 60-month note payable, 3.45% interest rate payable through July 2024, monthly payments of $4,847 | | | 75,686 | | | | 89,493 | | CarryAll transport, 36-month note payable, 4.5% interest rate payable monthly through June 2024, monthly payments of $627 | | | 9,126 | | | | 10,891 | | CarryAll transport, 36-month note payable, 4.5% interest rate payable monthly through February 2024, monthly payments of $303 | | | 3,264 | | | | 4,130 | | Two CarryAll transports, 36-month note payable, 6.3% interest rate payable monthly through May 2025, monthly payments of $1,515 | | | 36,756 | | | | 40,687 | | CarryAll transport, 36-month note payable, 6.3% interest rate payable monthly through June 2025, monthly payments of $866 | | | 21,754 | | | | 23,987 | | Atlas Copco loader, 60-month note payable, 10.5% interest rate payable monthly through June 2023, monthly payments of $3,550 | | | 10,465 | | | | 20,660 | | Sandvik LH203 LHD, 36-month note payable, 4.5% interest payable monthly through May 2024, monthly payments of $10,352 | | | 140,931 | | | | 170,182 | | Sandvik LH202 LHD, 36-month note payable, 6.9% interest payable monthly through August 2025, monthly payments of $4,933 | | | 131,422 | | | | 143,812 | | Doosan Compressor, 36-month note payable, 6.99% interest payable monthly through July 2024, monthly payments of $602 | | | 9,190 | | | | 10,820 | | Caterpillar 306 excavator, 48-month note payable, 4.6% interest payable monthly through November 2024, monthly payments of $1,512 | | | 29,047 | | | | 33,216 | | Caterpillar 938 loader, 60-month note payable, 6.8% interest rate payable monthly through August 2023, monthly payments of $3,751 | | | 18,440 | | | | 29,256 | | Caterpillar R1600 LHD, 48-month note payable, 4.5% interest rate payable through January 2025, monthly payments of $17,125 | | | 360,955 | | | | 407,909 | | Caterpillar AD22 underground truck, 48-month note payable, 6.45% interest rate payable through June 2023, monthly payments of $12,979 | | | 38,450 | | | | 76,287 | | Small Business Administration EIDL 30 year note payable, 3.75% interest payable monthly through December 2054, monthly payments of $731 | | | 162,589 | | | | 163,287 | | 2022 Dodge Ram, 75-month note payable, 5.99% interest rate payable monthly through June 2028, monthly payments of $1,152 | | | 62,148 | | | | 64,648 | | 2016 Dodge Ram, 75-month note payable, 5.99% interest rate payable monthly through June 2028, monthly payments of $1,190 | | | 64,176 | | | | 66,758 | | 2020 Ford Transit Van, 72-month note payable, 9.24% interest rate payable monthly through December 2028, monthly payments of $1,060 | | | 56,551 | | | | 58,182 | | Total notes payable | | | 1,936,107 | | | | 2,174,461 | | Due within one year | | | 810,291 | | | | 859,393 | | Due after one year | | $ | 1,125,816 | | | $ | 1,315,068 | |
All notes are collateralized by the property or equipment purchased in connection with each note. Future principal payments of notes payable at March 31, 2023 are as follows: 12 months ended March 31, | | | | 2024 | | $ | 810,291 | | 2025 | | | 530,713 | | 2026 | | | 76,302 | | 2027 | | | 49,709 | | 2028 | | | 305,052 | | 2029 | | | 19,419 | | Thereafter | | | 144,621 | | Total | | $ | 1,936,107 | |
The balance of convertible debt at December 31, 2021 consisted of $200,000 convertible to Common shares at a price of $5.60 per share (35,715 shares) and $1,750,000 convertible to Common shares at a price of $4.90 per share (357,151 shares). All of this debt was converted to Common shares as provided in the respective agreements in March 2022.
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