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Notes Payable
 3 Months Ended
Mar. 31, 2021
Debt Instruments [Abstract]  
Notes Payable

12. Notes Payable

Notes payable consist of the following (in thousands):

 

 

 

March 31, 2021

 

 

December 31, 2020

 

Related parties:

 

 

 

 

 

 

 

 

Shareholders - Interest accrues annually at rates

   ranging from 0.00% - 6.25%. The notes payable

   mature on various dates through October 2025.

 

$

4,085

 

 

$

2,202

 

Unrelated third parties:

 

 

 

 

 

 

 

 

Note payable for purchase of intangible asset

 

 

165

 

 

 

-

 

Fixed line notes payable - see note 11

 

 

2,041

 

 

 

2,219

 

Total

 

 

6,291

 

 

 

4,421

 

Less: current portion

 

 

(2,124

)

 

 

(1,592

)

Noncurrent portion

 

$

4,167

 

 

$

2,829

 

 

The Company’s chairman and Chief Executive Officer guarantees certain of the notes payable, and certain of the notes payable are subordinate to the terms of the Credit Agreement disclosed in Note 11.

Interest expense attributable to the notes payable totaled $44,000 and $47,000 for the three months ended March 31, 2021 and 2020, respectively.

Future principal payments on notes payable for remainder of 2021 and succeeding years are as follows (in thousands):

 

2021

 

 

 

$

1,654

 

2022

 

 

 

 

1,800

 

2023

 

 

 

 

1,440

 

2024

 

 

 

 

1,037

 

2025

 

 

 

 

360

 

Total

 

 

 

$

6,291