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NOTES PAYABLE | 6 Months Ended
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Jun. 30, 2021
Notes Payable |
NOTES PAYABLE | 18. NOTES PAYABLE Notes payable at June 30, 2021 and December 31, 2020, were comprised of the following:
|  | Weighted Average Interest Rate |  |  | Debt Due |  |  | June 30, 2021 |  |  | December 31, 2020 |
Esousa purchased notes |  |  |  |  |  |  |  |  |  | $ | — |  |  | $ | 200,000 |
Short-term notes payable |  |  | 10.5% |  |  |  | 2021 |  |  |  | 936,000 |  |  |  | 1,089,000 |
Notes payable to Wells Fargo |  |  |  |  |  |  |  |  |  |  | — |  |  |  | 183,000 |
Note payable to Dept. of Economic and Community Development |  |  |  |  |  |  |  |  |  |  | — |  |  |  | 196,000 |
Paycheck Protection Program Loans |  |  |  |  |  |  |  |  |  |  | 0 |  |  |  | 1,162,000 |
SBA Economic Injury Disaster Loan |  |  |  |  |  |  |  |  |  |  | 0 |  |  |  | 150,000 |
Short-term bank credit |  |  | 3.9% |  |  |  | 2021 |  |  |  | 872,000 |  |  |  | 1,404,000 |
Total notes payable |  |  |  |  |  |  |  |  |  | $ | 1,808,000 |  |  | $ | 4,384,000 |
Less: current portion |  |  |  |  |  |  |  |  |  |  | (1,808,000 | ) |  |  | (4,048,000 | )
Notes payable – long-term portion |  |  |  |  |  |  |  |  |  | $ | — |  |  | $ | 336,000 |
Master Exchange Agreement On February 10, 2020, the Company entered into a master exchange agreement (the “Master Exchange Agreement”) with Esousa Holdings, LLC (“Esousa” or the “Creditor”) which acquired certain promissory notes that had been previously issued by the Company. During January 2021, the Company issued to Esousa an aggregate of 183,214 shares of the Company’s common stock upon the exchange of principal and interest in the amount of $200,000 and $15,948, respectively. A loss on extinguishment of $234,000 was recognized on the issuance of common stock based on the fair value of the Company’s common stock at the date of the exchanges. Paycheck Protection Program During April 2020, the Company received loans under the Paycheck Protection Program (“PPP”) in the principal amount of $715,000 and the Company’s majority owned subsidiary, Microphase, received loans in the principal amount of $467,000. On January 11, 2021, the Company received forgiveness in the principal amount of $715,000. On May 20, 2021, Microphase received forgiveness in the principal amount of $467,000.

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