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LOANS PAYABLE | 6 Months Ended
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Jun. 30, 2021
LOANS PAYABLE |
NOTE 6 - LOANS PAYABLE | NOTE 6 - LOANS PAYABLE Term Loans We have outstanding balances of $64,618 and $77,040 pursuant to two term loans as of June 30, 2021 and December 31, 2020, 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 February and March 2021. The SBA made payments on our behalf of $3,382 during the three months ended June 30, 2021, which have been recorded as grant income in the financial statements. These payments were applied $2,992 to principal and $390 to interest expense for the three months ended June 30, 2021. The status of these loans as of June 30, 2021 and December 31, 2020 are summarized as follows:
|  | June 30, 2021 |  |  | December 31, 2020 |
Term loans |  | $ | 64,618 |  |  | $ | 77,040 |
Less current portion |  |  | (30,653 | ) |  |  | (28,249 | )
Non-current portion (excluding PPP loan discussed below) |  | $ | 33,965 |  |  | $ | 48,791 |
Future principal payments under the term notes are as follows:
Year Ending December 31, |  |  |
2021 |  | $ | 15,770 |
2022 |  |  | 30,133 |
2023 |  |  | 18,715 |
Total minimum principal payments |  | $ | 64,618 |
Our Chief Operating Officer, who is also a shareholder, has personally guaranteed the loans described above. Paycheck Protection Program Loan During 2021 our remaining loan pursuant to the Paycheck Protection Program under the CARES Act in the amount of $24,750 was forgiven. We recorded forgiveness of debt income of $24,925 for the $24,750 of principal and $175 of related accrued interest forgiven.

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