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LONG-TERM DEBT | 12 Months Ended
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Dec. 31, 2020
LONG-TERM DEBT |
LONG-TERM DEBT | 8. LONG-TERM DEBT Long-term debt consists of the following:
|  | December 31,
|  | 2020 |  | 2019
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 5.0% at December 31, 2020. |  | $ | 2,378,100 |  | $ | 2,638,994
Loan from Independent Bank pursuant to the Paycheck Protection Program. Original maturity date is April 17, 2022. The interest rate is equal to 1.0% per annum. |  |  | 1,363,000 |  |  | —
|  |  | 3,741,100 |  |  | 2,638,994
Less: current portion |  |  | (1,030,763) |  |  | (260,939)
|  | $ | 2,710,337 |  | $ | 2,378,055
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, 2020, are as follows:
2021 |  | $ | 1,030,763
2022 |  |  | 896,210
2023 |  |  | 304,120
2024 |  |  | 319,685
2025 |  |  | 336,488
Thereafter |  |  | 853,834
|  | $ | 3,741,100

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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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