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LONG-TERM DEBT | 12 Months Ended
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Dec. 31, 2017
LONG-TERM DEBT |
LONG-TERM DEBT | 7. LONG-TERM DEBT Long-term debt consists of the following:
|  | December 31, |
|  | 2017 |  | 2016 |
Loan from American First National Bank. It has a 20 year amortization and 10 year maturity from December 10, 2009. The loan, in the original amount of $4,209,608, provided funding for the expansion of the warehouse, additional office space, and a new Controlled Environment. The loan is secured by the Company’s land and buildings. The interest rate is 5.968%. |  | $ | 3,094,301 |  | $ | 3,269,397 |
Note payable to Deutsche Leasing USA, Inc. The interest rate is 3.69%. The original amount of the note was $276,495 with a 36 month maturity ending in July 2018. Beginning August 2015, the loan became payable in equal installments of principal and interest of approximately $8,100. Collateralized by molding machines and ancillary equipment. |  | 56,180 |  | 149,727 |
Note payable to Deutsche Leasing USA, Inc. The interest rate is 4.25%. The original amount of the note was $525,017 with a 36 month maturity ending in November 2019. Beginning December 2016, the loan became payable in equal installments of principal and interest of approximately $15,500. Collateralized by molding machines and ancillary equipment. |  | 341,877 |  | 509,513 |
|  | 3,492,358 |  | 3,928,637 |
Less: current portion |  | (410,949 | ) | (430,393 | )
|  | $ | 3,081,409 |  | $ | 3,498,244 |
The fair value of long-term liabilities, based on Management’s estimates, approximates their reported values. The aggregate maturities of long-term debt as of December 31, 2017, are as follows:
2018 |  | $ | 410,949 |
2019 |  | 3,081,409 |
|  | $ | 3,492,358 |

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- Definition The entire disclosure for long-term debt. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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