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: