5. Notes payable related parties	12 Months Ended
Aug. 31, 2013
Related Party Transactions [Abstract]
5. Notes payable – related parties	As of August 31, 2013, the Company has notes payable to related parties, including accrued interest, of $95,818 and $261,440 with its chief executive officer (“CEO”) and its chief financial officer (“CFO”), respectively. In connection with the borrowings, the Company executed unsecured promissory notes (“Notes”) which accrue interest at 6.5% per annum (or 18% per annum, if the Notes are in default). The funds received in exchange for the Notes have primarily been used by the Company to finance working capital requirements. On April 8, 2011, the Company secured the amounts owed to the CEO and CFO, with the Mill, and filed Second Deeds of Trust in San Juan County, Colorado. In connection with the Deeds of Trust, all of the individual Notes were combined into two promissory Notes, and are due in their entirety on December 31, 2013. None of the Notes are currently in default. During the years months ended August 31, 2013 and 2012 the Company recorded interest expense of $18,343, and $18,393, respectively.

5. Notes payable related parties

12 Months Ended

Aug. 31, 2013

As of August 31, 2013, the Company has notes payable to related parties, including accrued interest, of $95,818 and $261,440 with its chief executive officer (“CEO”) and its chief financial officer (“CFO”), respectively. In connection with the borrowings, the Company executed unsecured promissory notes (“Notes”) which accrue interest at 6.5% per annum (or 18% per annum, if the Notes are in default). The funds received in exchange for the Notes have primarily been used by the Company to finance working capital requirements.

On April 8, 2011, the Company secured the amounts owed to the CEO and CFO, with the Mill, and filed Second Deeds of Trust in San Juan County, Colorado. In connection with the Deeds of Trust, all of the individual Notes were combined into two promissory Notes, and are due in their entirety on December 31, 2013. None of the Notes are currently in default. During the years months ended August 31, 2013 and 2012 the Company recorded interest expense of $18,343, and $18,393, respectively.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References+ Details

COLORADO GOLDFIELDS INC. 10-K