v3.21.1

Notes Payable | 3 Months Ended
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Mar. 31, 2021
Notes Payable |
Notes Payable | Note 9 - Notes Payable Notes payable consists of the following:
|  | March 31, 2021 |  | December 31, 2020
Equipment notes |  | $ | 1,631,492 |  | $ | 761,075
PPP loans |  |  | 163,287 |  |  | 378,346.00
|  |  | 1,794,779 |  |  | 1,139,421
Less : current portion of Notes Payable |  |  | (413,072) |  |  | (385,963)
Notes payable, net of current portion |  | $ | 1,381,707 |  | $ | 753,458
Equipment notes During the year ended December 31, 2020, ANC Smith's entered into secured loan agreements with an aggregate principal balance of $0.7 million for the purchase of certain equipment. The equipment notes bear interest at a fixed rate of 2.85% and are due to be repaid in monthly installments over their five year terms. ANC Potters is party to equipment loan agreements, the proceeds of which were used to purchase certain equipment and a truck. The loans have remaining terms ranging from less than one year to four years and bear a weighted average annual interest rate of 4.5%. ANC Zodgea assumed secured loan agreements, as part of the acquisition discussed in Note1, with an aggregate principal balance of $0.1 million for the purchase of certain equipment. The equipment notes bear interest at a fixed rate of 6% and are due to be repaid in monthly installments over the three year terms. During the three months ended March 31, 2021 and March 31, 2020, the Company made aggregate principal payments of approximately $0.05 million and $5,966, respectively. PPP loans In April 2020, ANC Green Solutions I, ANC Potter’s and ANC Smith’s each qualified for and received a loan (the “PPP Loans”) pursuant to the Paycheck Protection Program, a program implemented by the U.S. Small Business Administration (“SBA”) under the Coronavirus Aid, Relief, and Economic Security Act, from qualified lenders. The PPP Loans bear interest at a fixed rate of 1.0% per annum, have terms of two years, and are unsecured and guaranteed by the SBA. The principal amounts of the PPP Loans are subject to forgiveness under the Paycheck Protection Program upon the Company’s request to the extent that the PPP Loan proceeds are used to pay expenses permitted by the Paycheck Protection Program, including payroll costs, covered rent and mortgage obligations, and covered utility payments incurred by the borrower. During the twelve months ended December 31, 2020, the Company applied for forgiveness of the PPP Loans with respect to these covered expenses. ANC Smith’s forgiveness application was accepted in November 2020 and the Company recognized $0.2 million in Other income on its consolidated statement of operations. In March 2021, ANC Potter’s PPP loan forgiveness application was accepted and the Company recognized $0.2 million in Other income on its consolidated statement of operations. In April 2021, ANC Green Solutions I’s PPP loan forgiveness application was accepted and the Company expects to recognize $0.2 million in Other income on its consolidated statement of operations in the second quarter of 2021.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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