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Notes Payable
3 Months Ended
Mar. 31, 2023
Notes Payable  
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.