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LONG-TERM DEBT | 12 Months Ended
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Dec. 31, 2023
LONG-TERM DEBT |
LONG-TERM DEBT | 8. LONG-TERM DEBT Long-term debt consists of the following: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31,
​ |  | 2023 |  | 2022
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%, not to be less than 5.0%. The interest rate was 8.75% at December 31, 2023. | ​ | $ | 1,537,510 | ​ | $ | 1,819,376
​ | ​ | ​ | ​ | ​ | ​ | ​
Less: current portion | ​ |  | (303,991) | ​ |  | (285,954)
​ | ​ | $ | 1,233,519 | ​ | $ | 1,533,422
​ 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, 2023, are as follows:
​ | ​ | ​ | ​
2024 |  | $ | 303,991
2025 | ​ | ​ | 332,480
2026 | ​ | ​ | 363,205
2027 | ​ | ​ | 396,770
2028 | ​ | ​ | 141,064
​ | ​ | $ | 1,537,510
​

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