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Notes Payable

6 Months Ended

Jun. 30, 2021

Notes Payable

10. Notes Payable

10. Notes Payable

Notes payable consists of a short and long-term financing arrangements:

		June 30,				December 31,
		2021				2020
Notes payable		$	1,908			$	1,944
Less: current notes payable			(72	)			(71	)
Notes payable, net of current portion		$	1,836			$	1,873

On January 27, 2020, we entered into a Fixed Rate Term Loan Agreement with Bank of America, N.A. to finance Two Million Dollars ($2,000,000) to purchase our corporate office building. The Loan Agreement has a term of seven (7) years with monthly payments of Eleven Thousand Eight Hundred Forty-One and 15/100 Dollars ($11,841.15), including interest at 3.67%, beginning on March 1, 2020, secured by the office building.

As of June 30, 2021, future principal payments are scheduled as follows (in thousands):

Year ending December 31,
2021 remaining		$	36
2022			74
2023			76
2024			79
2025 and thereafter			1,643
Total		$	1,908

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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

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X

- References

No definition available.

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