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LONG-TERM DEBT (Tables)

12 Months Ended

Dec. 31, 2020

LONG-TERM DEBT

Schedule of long-term debt

		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

Schedule of future payments of long-term debt

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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Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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Tabular disclosure of the combined aggregate amount of maturities and sinking fund requirements for all long-term borrowings for each of the five years following the date of the latest balance sheet date presented.

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