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Loans Payable | 9 Months Ended
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Sep. 30, 2020
Loans Payable Disclosure [Abstract] |
LOANS PAYABLE | NOTE 7 — LOANS PAYABLE Lines of Credit At September 30, 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 September 30, 2020; however, due to COVID -19 uncertainty (see Note 2), the availability under both lines has been suspended in 2020. Term Loans We have outstanding balances of $83,792 and $103,800 pursuant to two term loans as of September 30, 2020 and December 31, 2019, respectively, which mature in 2023. The loans have variable interest rates, with current rates at 6.0% and 7.76%, respectively. Current monthly payments under the loans are $1,691 and $1,008, respectively. One of the term loans is a Small Business Administration (“SBA”) loan. As a result of the COVID-19 uncertainty, the SBA has paid the loan for a period of six months. The SBA made payments on our behalf of $3,506 and $10,768 during the three and nine months ended September 30, 2020, which have been recorded as grant income in the financial statements. These payments were applied $2,890 to principal and $616 to interest expense for the three months ended September 30, 2020 and were applied $8,854 to principal and $1,914 to interest expense for the nine months ended September 30, 2020. The status of these loans as of September 30, 2020 and December 31, 2019 are summarized as follows:
|  | September 30, 2020 |  |  | December 31, 2019 |
Term loans |  | $ | 83,792 |  |  | $ | 103,800 |
Less current portion |  |  | (27,784 | ) |  |  | (25,934 | )
Non-current portion |  | $ | 56,008 |  |  | $ | 77,866 |
Future principal payments under the term notes are as follows:
Year Ending December 31, |  |  |
2020 |  | $ | 6,749 |
2021 |  |  | 28,195 |
2022 |  |  | 30,133 |
2023 |  |  | 18,715 |
Total minimum principal payments |  | $ | 83,792 |
Our Chief Operating Officer, who is also a shareholder, has personally guaranteed the loans described above. Paycheck Protection Program Loan During April and May 2020 the Company, through its four subsidiaries, received an aggregate of $398,545 in loans borrowed from a bank pursuant to the Paycheck Protection Program under the CARES Act guaranteed by the SBA, which we expect to be forgiven in part or in full, subject to our compliance with the conditions of the Paycheck Protection Program. If not forgiven, the terms on the note provide for interest at 1% per year and the note mature in 24 months, with 18 monthly payments beginning after the initial 6 month deferral period for payments. Since we expect the loans to be forgiven, we have classified them as long term at September 30, 2020. Subsequent to September 30, 2020 we have applied for forgiveness for all loans.

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