LONG-TERM DEBT |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2026 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| LONG-TERM DEBT | NOTE 14 – LONG-TERM DEBT Long-term debt was as follows:
In May 2024, BRZ acquired a large front-end wheel loader pursuant to a financing arrangement with a total contractual obligation of approximately $425,000, payable in 36 monthly installments of $11,799 maturing in May 2027. The financing arrangement provided for a fixed rate of 3.49% per annum. The financing arrangement is secured by a purchase money security interest in the wheel loader and is guaranteed by the Company. As of June 30, 2026, the outstanding principal balance under the agreement was $127,550, all of which was classified as current portion of long-term debt. In April 2026, the Company acquired a mid-size front-end wheel loader to be used at its precious metals milling facility located in Radersburg, Montana pursuant to a financing arrangement with a total contractual obligation of approximately $238,000, payable in 48 monthly installments of $4,958 maturing in May 2030. The financing arrangement does not bear a stated rate of interest; accordingly, the Company recorded the equipment and related financing obligation at the present value of the future contractual payments using an imputed market interest rate of 6.0%. As a result, the Company recorded the equipment and debt at approximately $211,000 which is net of a debt discount of approximately $27,000, which is being amortized to interest expense over the term of the financing arrangement using the effective interest method. The financing obligation is secured by a purchase money security interest in the equipment. As of June 30, 2026, the outstanding principal balance consisted of $48,363 classified as current portion of long-term debt and $158,862 classified as long-term. At June 30, 2026, principal payments on debt were due as follows:
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