| Notes Payable |
6. Notes Payable At December 31, 2021 and 2020, notes payable are as follows: | | 2021 | | | 2020 | | Paus 2 yrd. LHD, 60-month note payable, 4.78% interest rate payable through October 2024, monthly payments of $5,181 | | $ | 164,422 | | | $ | 217,354 | | Paus 2 yrd. LHD, 60-month note payable, 3.45% interest rate payable through July 2024, monthly payments of $4,847 | | | 143,547 | | | | 195,768 | | Compressor, 48-month note payable, 5.25% interest rate payable monthly through January 2022, monthly payments of $813 | | | 410 | | | | 9,958 | | CarryAll transport, 36-month note payable, 4.5% interest rate payable monthly through June 2024, monthly payments of $627 | | | 17,752 | | | | - | | CarryAll transport, 36-month note payable, 4.5% interest rate payable monthly through February 2024, monthly payments of $303 | | | 7,501 | | | | - | | Atlas Copco loader, 60-month note payable, 10.5% interest rate payable monthly through June 2023, monthly payments of $3,550 | | | 58,866 | | | | 93,265 | | Sandvik LH203 LHD, 36-month note payable, 4.5% interest payable monthly through May 2027, monthly payments of $10,352 | | | 283,955 | | | | - | | Doosan Compressor, 36-month note payable, 6.99% interest payable monthly through July 2024, monthly payments of $602 | | | 17,064 | | | | - | | Caterpillar 306 excavator, 48-month note payable, 4.6% interest payable monthly through November 2024, monthly payments of $1,512 | | | 49,421 | | | | 64,896 | | Caterpillar 938 loader, 60-month note payable, 6.8% interest rate payable monthly through August 2023, monthly payments of $3,751 | | | 70,734 | | | | 109,492 | | Caterpillar R1600 LHD, 48-month note payable, 4.5% interest rate payable through January 2025, monthly payments of $17,125 | | | 590,535 | | | | - | | Caterpillar AD22 haul truck, 48-month note payable, 6.45% interest rate payable monthly through June 2023, monthly payments of $12,979 | | | 221,694 | | | | 358,043 | | Total notes payable | | | 1,625,901 | | | | 1,048,776 | | Due within one year | | | 664,153 | | | | 339,704 | | Due after one year | | $ | 961,748 | | | $ | 709,072 | |
All notes are collateralized by the property or equipment purchased in connection with each note. Future principal payments of debt at December 31, 2021 are as follows: 2022 | | $ | 664,153 | | 2023 | | | 584,778 | | 2024 | | | 354,770 | | 2025 | | | 22,200 | | Total | | $ | 1,625,901 | |
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