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Notes Payable | 9 Months Ended
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Sep. 30, 2021
Notes Payable |
10. Notes Payable | 10. Notes Payable Notes payable consists of a short and long-term financing arrangements:
|  | September 30, |  |  | December 31, |
|  | 2021 |  |  | 2020 |
Notes payable |  | $ | 1,891 |  |  | $ | 1,944 |
Less: current notes payable |  |  | (73 | ) |  |  | (71 | )
Notes payable, net of current portion |  | $ | 1,818 |  |  | $ | 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 September 30, 2021, future principal payments are scheduled as follows (in thousands):
Year ending December 31, |  |  |
2021 remaining |  | $ | 19 |
2022 |  |  | 74 |
2023 |  |  | 76 |
2024 |  |  | 79 |
2025 and thereafter |  |  | 1,643 |
Total |  | $ | 1,891 |

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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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- References No definition available. + Details
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