Property, Plant, Equipment, Mine development and Land, net

6 Months Ended

Jun. 30, 2015

Property, Plant, Equipment, Mine development and Land, net [Abstract]

Property, Plant, Equipment, Mine development and Land, net

Note 3. Property, Plant, Equipment, Mine development and Land, net

	June 30, 2015			December 31, 2014
	(Unaudited)
Land	$	19,590		$	19,590

Mining concessions:
Pilar (a)		710,172			710,172
Don Roman		521,739			521,739
Las Nuvias		100,000			100,000
Centenario		635,571			635,571
La Palma		80,000			80,000
La Verde		60,000			60,000
Picacho Groupings		1,571,093			1,571,093
Mining concessions		3,678,575			3,678,575

Property, plant and equipment		6,517,597			3,620,151
		10,215,762			7,318,316
Less – accumulated depreciation		(1,348,310	)		(1,210,875	)
	$	8,867,452		$	6,107,441

Pilar, Don Roman, Las Nuvias, Centenario, La Palma and La Verde properties are located in Mexico and are known as the Don Roman Groupings.

The Picacho and Picacho Fractions are located in Mexico and are known as the Picacho Groupings.

All properties listed above are paid for in full except the following:

In January 2007, the Company acquired the Pilar de Mocoribo Prospect (“Pilar”) from Tara Gold's former subsidiary Corporacion Amermin S.A. de C.V. for $739,130 plus $115,737 of value-added tax (as amended). The Company owes $535,658 for this mining concession (including the applicable value-added tax).

In accordance with the Interest Topic of FASB ASC, the future payments of the total payment amount of $739,130 have been discounted using the incremental borrowing rate of 5.01%. As of June 30, 2015, the present value of future payments is as follows:

	Debt			IVA		Total
Total remaining debt	$	486,739		$	77,878	$	564,617
Imputed interest		(28,959	)		-		(28,959	)
Present value of debt	$	457,780		$	77,878	$	535,658

In addition to the Company's mining concessions and the Don Roman Plant, with the acquisition of Sicilian Sun Foods Ltd., LLC and its subsidiary the Company also acquired approximately $2,900,000 of fixed assets consisting of plant equipment, furniture and fixtures, and leasehold improvements to the plants in Italy.

FIRMA HOLDINGS CORP. 10-Q