NOTES PAYABLE

6 Months Ended

Jun. 30, 2023

NOTES PAYABLE

NOTE 4 - NOTES PAYABLE

NOTE 3 - NOTES PAYABLE

During the three-month period ended June 30, 2023, principal reductions on long term debt totaled $21,045, primarily due to payments of the Volvo loan. During the three-month period ended March 31, 2023, increases to long term debt totaled $0. On January 31, 2023, the remaining amounts of the convertible notes in the amount of $9,891,241 was converted into 9,420,230 common shares of the Company. Extinguishing all future liabilities under the convertible note.

During the three-month period ended June 30, 2022, principal reductions on long term debt totaled $3,389,301, primarily due to the repayment of PPP loan and converting to common shares. During the three-month period ended June 30, 2022, increases to long term debt totaled $2,843,635 due mostly to equipment financing for reElement and a mine development coal for Carnegie 2 expansion.