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LONG-TERM DEBT (Tables)

6 Months Ended

Jun. 30, 2021

A summary of long-term debt is as follows:

	June 30, 2021		December 31, 2020
NBT Bank, National Association, 4.25% interest rate, secured by all business assets, payable in monthly installments of $5,869 through September 2026, with a balloon payment at maturity.	$	662,551	$	683,268
NBT Bank, National Association, repaid in January 2021.		-		12,050
NBT Bank, National Association, 4.20% interest rate, secured by building, payable in monthly installments of $3,293 through September 2026, with a balloon payment at maturity.		231,477		246,135
NBT Bank, National Association, 4.15% interest rate, secured by all business assets, payable in monthly installments of $3,677 through April 2026.		192,678		210,475
NBT Bank, National Association, 4.20% interest rate, secured by all business assets, payable in monthly installments of $5,598 through October 2026, with a balloon payment at maturity.		401,879		426,624
NBT Bank, National Association, 4.85% interest rate, secured by a piece of equipment, payable in monthly installments of $2,932 including interest, through May 2023.		64,211		80,001
Various vehicle loans, interest ranging from 0% to 6.99%, total current monthly installments of approximately $8,150, secured by vehicles, with varying terms through September 2025.		195,885		294,799

National Bank of Middlebury, 3.95% interest rate for the initial 5 years, after which the loan rate will adjust equal to the Federal Home Loan Bank of Boston 5/10 – year Advance Rate plus 2.75%, loan is subject to a floor rate of 3.95%, secured by solar panels and related equipment, payable in monthly installments of $2,388 including interest, through December 2024.		60,731			73,467
		1,809,412			2,026,819
Less current portion		(274,202	)		(308,394	)
		1,535,210			1,718,425
Less debt issuance costs		(15,390	)		(16,930	)
Long-term debt	$	1,519,820		$	1,701,495

Maturities of Long-term Debt

Maturities of long-term debt are as follows:

Year ending December 31:	Amount
Remainder of 2021	$	132,066
2022		283,465
2023		248,385
2024		221,299
2025		209,858
2026 and thereafter		714,339
	$	1,809,412

- Definition

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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+ Details