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Loans Payable

12 Months Ended

Dec. 31, 2019

NOTE 6 — LOANS PAYABLE

At December 31, 2019 and 2018, we are party to two lines of credit with outstanding balances of $0 and $81,067, respectively. Advances under each of these lines of credit mature within 12 months of the advances. Availability under the two lines was $91,300 at December 31, 2019; however, due to COVID -19 uncertainty (see Note 15), the availability under both lines has been suspended in 2020.

We have outstanding balances of $103,800 and $127,767 pursuant to two term loans as of December 31, 2019 and 2018, respectively, which mature in 2023. The loans have variable interest rates, with current rates at 7.75% and 7.76%, respectively. Current monthly payments under the loans are $1,759 and $1,008, respectively.

The status of these loans as of December 31, 2019 and 2018 are summarized as follows:

	December 31, 2019			December 31, 2018
Lines of credit and loan agreements	$	-		$	81,067
Term loans		103,800			127,767
		103,800			208,834
Less current portion		(25,934	)		(105,028	)
Non-current portion	$	77,866		$	103,806

Future principal payments under the lines of credit and term notes are as follows:

Year Ending December 31,
2020	$	25,934
2021		28,136
2022		30,492
2023		19,238
Total minimum principal payments	$	103,800

Our Chief Executive Officer, who is also a shareholder, has personally guaranteed the loans described above.