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LONG-TERM DEBT | 12 Months Ended
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Dec. 31, 2019
LONG-TERM DEBT |
LONG-TERM DEBT | 8. LONG-TERM DEBT Long-term debt consists of the following:
|  | December 31,
|  | 2019 |  | 2018
Loan from American First National Bank. Maturity date is April 10, 2028. 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 equal to prime rate plus 0.25%. The interest rate was 0.00% at December 31, 2019. |  | $ | 2,638,994 |  | $ | 2,878,980
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. |  |  | — |  |  | 167,028
|  |  | 2,638,994 |  |  | 3,046,008
Less: current portion |  |  | (260,939) |  |  | (406,361)
|  | $ | 2,378,055 |  | $ | 2,639,647
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, 2019, are as follows:
2020 |  |  | 260,939
2021 |  |  | 274,858
2022 |  |  | 289,120
2023 |  |  | 304,122
2024 |  |  | 319,688
Thereafter |  |  | 1,190,267
|  | $ | 2,638,994

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