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Loans Payable | 12 Months Ended
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Dec. 31, 2020
Loans Payable Disclosure [Abstract] |
LOANS PAYABLE | NOTE 7 — LOANS PAYABLE Lines of Credit At December 31, 2020 and 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 December 31, 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 $77,040 and $103,800 pursuant to two term loans as of December 31, 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 $10,768 during the year ended December 31, 2020, which have been recorded as grant income in the financial statements. These payments were applied $8,854 to principal and $1,914 to interest expense for the year ended December 31, 2020. The status of these loans as of December 31, 2020 and 2019 are summarized as follows:
|  | December 31, 2020 |  |  | December 31, 2019 |
Term loans |  | $ | 77,040 |  |  | $ | 103,800 |
Less current portion |  |  | (28,249 | ) |  |  | (25,934 | )
Non-current portion (excluding PPP loan discussed below) |  | $ | 48,791 |  |  | $ | 77,866 |
Future principal payments under the term notes are as follows:
Year Ending December 31, |  |  |
2021 |  | $ | 28,249 |
2022 |  |  | 30,133 |
2023 |  |  | 18,658 |
Total minimum principal payments |  | $ | 77,040 |
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. We have applied for forgiveness for all loans. As of December 31, 2020, $373,795 of loans have been forgiven and the balance of $24,750 was forgiven subsequently. We have classified the remaining balance of $24,750 as long term at December 31, 2020. We recorded forgiveness of debt income of $376,177 for the $373,795 of principal and $2,382 of related accrued interest forgiven in 2020.

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