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Notes Payable
 3 Months Ended
Mar. 31, 2022
Notes Payable  
Notes Payable

10.

Notes Payable

 

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

 

 

 

March 31,

 

 

December 31,

 

 

 

2022

 

 

2021

 

Notes payable

 

$1,854

 

 

$1,873

 

Less: current notes payable

 

 

(1,854)

 

 

(1,873)
Notes payable, net of current portion

 

$-

 

 

$-

 

 

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. At December 31, 2021 and at March 31, 2022, we were in default of our basic fixed charge coverage ratio and we have classified the note payable as current on our balance sheet.

 

As of March 31, 2022, future principal payments are scheduled as follows (in thousands):

 

Year ending December 31,

 

 

 

2022 remaining

 

$1,854

 

2023

 

 

-

 

2024

 

 

-

 

2025

 

 

-

 

2026 and thereafter

 

 

-

 

Total

 

$1,854