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Loans Payable | 3 Months Ended
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Mar. 31, 2020
Loans Payable [Abstract] |
LOANS PAYABLE | NOTE 7 — LOANS PAYABLE At March 31, 2020 and December 31, 2019 we are party to two lines of credit with outstanding balances of $0. Advances under each of these lines of credit mature within 12 months of the advances. Availability under the two lines was $91,300 at March 31, 2020; however, due to COVID -19 uncertainty (see Note 2), the availability under both lines has been suspended in 2020. We have outstanding balances of $98,816 and $103,800 pursuant to two term loans as of March 31, 2020 and December 31, 2019, 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 March 31, 2020 and December 31, 2019 are summarized as follows:
|  | March 31, 2020 |  |  | December 31, 2019 |
Term loans |  | $ | 98,816 |  |  | $ | 103,800 |
Less current portion |  |  | (27,793 | ) |  |  | (25,934 | )
Non-current portion |  | $ | 71,023 |  |  | $ | 77,866 |
Future principal payments under the lines of credit and term notes are as follows:
Year Ending December 31, |  |  |
2020 |  | $ | 20,950 |
2021 |  |  | 28,136 |
2022 |  |  | 30,492 |
2023 |  |  | 19,238 |
Total minimum principal payments |  | $ | 98,816 |
Our Chief Executive Officer, who is also a shareholder, has personally guaranteed the loans described above.

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