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LOANS PAYABLE | 9 Months Ended
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Sep. 30, 2021
LOANS PAYABLE |
NOTE 6 - LOANS PAYABLE | NOTE 6 - LOANS PAYABLE Term Loans We have outstanding balances of $57,646 and $77,040 pursuant to two term loans, respectively, as of September 30, 2021 and December 31, 2020, respectively, which mature in 2023. The loans originated in 2013 and 2018, respectively. 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 no payments on our behalf during the three months ended September 30, 2021. 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. Promissory Notes Payable We received $250,000 in proceeds from an institutional investor pursuant to a promissory note dated May 6, 2021. The note bears interest at 12% per year and matures on May 6, 2023. We issued a promissory note for $1,750,000 pursuant to the Parrut acquisition agreement dated July 7, 2021 (See Note 12). The note has a term of 24 months, bears interest at 6%, and matures on July 1, 2023. The note requires monthly payments of $77,561. We issued a promissory note for $3,000,000 pursuant to the Novo Group acquisition agreement dated August 27, 2021 (See Note 12). The note has a term of 30 months, bears interest at 6%, and matures on February 1, 2024. The note requires monthly payments of $85,000 for the first 12 months, $110,000 for months 13 through 24, $155,000 for months 25 through 29, and $152,357 for month 30, The status of the loans payable as of September 30, 2021 and December 31, 2020 are summarized as follows:
|  | September 30, 2021 |  |  | December 31, 2020 |
Term loan(s) |  | $ | 57,646 |  |  | $ | 77,040 |
Promissory notes |  |  | 4,862,034 |  |  |  | - |
Total loans payable |  |  | 4,919,680 |  |  |  | 77,040 |
Less current portion |  |  | (1,752,094 | ) |  |  | (28,249 | )
Non-current portion (excluding PPP loan) |  | $ | 3,167,586 |  |  | $ | 48,791 |
The future principal payments of the loans payable are as follows:
Year Ending December 31, |  |  |
2021 |  | $ | 429,455 |
2022 |  |  | 1,852,272 |
2023 |  |  | 2,180,168 |
2024 |  |  | 457,785 |
Total minimum principal payments |  | $ | 4,919,680 |

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