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NOTES PAYABLE (Tables)
3 Months Ended
Mar. 31, 2021
Debt Disclosure [Abstract]  
Schedule of Debt [Table Text Block]
   

March 31,

2021

   

December 31,

2020

 
   

(unaudited)

         
                 

Secured mortgage note payable for the acquisition of land and building in Bonita Springs, Florida in the amount of $546,000. Principal payments of $4,550 plus interest at the rate of Libor plus 3% are due monthly. The balance of the principal amount was originally due February 28, 2018. On March 23, 2018 and effective February 26, 2018, this note was amended and renewed in the amount of $273,000, with monthly payments of principal and interest of $4,550 payable through the maturity date of February 28, 2023. During the three months ended March 31, 2021, the Company made payments of principal and interest on this note in the amounts of $13,650 and $927, respectively; during the three months ended March 31, 2020, the Company made principal and interest payments on this note in the amounts of $13,650 and $2,050, respectively.

  $ 109,200     $ 122,850  
                 

Secured mortgage note payable for the acquisition of land and building in Broadview, Illinois in the amount of $980,000. Principal payments of $8,167 plus interest at the rate of LIBOR plus 2.75% are due monthly through April 2020, the remaining principal balance in the amount of $490,000 was originally due May 29, 2020. Effective May 29, 2020, the note was amended and renewed such that principal payments of $8,303 plus accrued interest were due beginning June 29, 2020 and continuing for sixty months; the entire principal balance and all accrued interest will be due on May 29, 2025. During the three months ended March 31, 2021, the Company made payments of principal and interest on this note in the amounts of $24,500 and $3,212, respectively; during the three months ended March 31, 2020, the Company made principal and interest payments in the amounts of $24,500 and $6,454, respectively. 

    424,666       449,166  
                 

Promissory note dated March 22, 2019 in the original amount of $391,558 (the “Artisan Equipment Loan”) payable to Fifth Third Bank. This loan is secured by the Company’s tangible and intangible personal property and bears interest at the rate of 5.20%.  The entire principal balance and all accrued interest is due on the maturity date of March 21, 2024.  Monthly payments in the amount of $7,425 including principal and interest commenced in April, 2019. During the year ended December 31, 2019, equipment financed under the Artisan Equipment Loan in the amount of $33,075 was returned for credit. During the three months ended March 31, 2021, the Company made payments of principal and interest on this loan in the amounts of $17,313 and $3,081, respectively; during the three months ended March 31, 2020, the Company made principal and interest payments in the amounts of $16,429 and $3,965, respectively.

    225,452       242,765  
                 

A note payable in the amount of $20,000.  The Note was due in January 2006 and the Company is currently accruing interest on this note at 1.9%. During the three months ended March 31, 2021, the Company accrued interest in the amount of $93 on this note; during the three months ended March 31, 2021 and 2020, the Company accrued interest in the amount of $93 on this note.

    20,000       20,000  
                 

Vehicle acquisition loan dated December 6, 2018 in the original amount of $51,088, payable in sixty monthly installments of $955 including interest at the rate of 4.61% maturing November 5, 2023. During the three months ended March 31, 2021, the Company made principal and interest payments in the amount of $2,505 and $360, respectively, on this loan; during the three months ended March 31, 2020, the Company made principal and interest payments in the amount of $3,196 and $571, respectively, on this loan. 

    29,456       32,051  
   

March 31,

2021

   

December 31,

2020

 
   

(unaudited)

         
                 

Secured mortgage facility in the amount of $5,500,000 with Fifth Third Bank for the acquisition of land and building in Mountaintop, Pennsylvania dated November 8, 2019 (the “Fifth Third Mortgage Facility”). The Fifth Third Mortgage Facility is secured by the assets acquired. During the year ended December 31, 2019, the Company drew down $3,600,000 of this facility. During the year ended December 31, 2020, the Company drew down an additional $1,900,000 of this facility. The interest rate is LIBOR plus 2.75% with interest only due through September 30, 2020, thereafter with principal amortized at a 20 years amortization rate and the balance due on the maturity date of September 2, 2025. The Company prepaid loan fees in connection with this loan in the amount of $72,916 which are considered a discount to the loan and are being amortized over the term of the note; $3,088 and $3,123 of this discount was amortized to interest expense during the three months ended March 31, 2021 and 2020, respectively. During the three months ended March 31, 2021 the Company made principal and interest payments in the amount of $49,200 and $38,980, respectively, on this loan; during the three months ended March 31, 2020 the Company made principal and interest payments in the amount of $0 and $27,455, respectively, on this loan. The Company also has in place an interest rate swap agreement (the “Fifth Third Interest Rate Swap”) with Fifth Third bank in connection with the Fifth Third Mortgage Facility. Pursuant to the Fifth Third Interest Rate Swap, the Company pays an additional base rate of 0.59% reduced by the difference between an initial LIBOR rate of 0.1513% and the month-end LIBOR rate. During the three months ended March 31, 2021 and 2020, the Company paid additional interest in the amount of $6,094 and $0, respectively, pursuant to the Fifth Third Interest Rate Swap.

    5,385,200       5,434,400  
                 

Loan payable to Fifth Third Bank dated April 21, 2020 pursuant to the Paycheck Protection Program (the “IVFH PPP Loan”) established under the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) in the principal amount of $1,650,221. The term of the IVFH PPP Loan is two years, and the annual interest rate is 1%. Under the terms of the CARES Act, PPP Loan recipients can apply for, and be granted forgiveness for, all or a portion of loans granted under the Paycheck Protection Program. No assurance is provided that the Company will obtain forgiveness of the IVFH PPP Loan in whole or in part. During the three months ended March 31, 2021, the Company accrued interest in the amount of $4,069 on the IVFH PPP Loan.

    1,650,221       1,650,221  
                 

Four loans payable to Fifth Third Bank dated from February 12, 2021 to March 24, 2021 were received by subsidiaries of the Company pursuant to the Paycheck Protection Program (the “Subsidiary PPP Loans”) established under the CARES Act in the aggregate principal amount of $1,669,929. Each of the Subsidiary PPP Loans are due five years from inception and the annual interest rate is 1%. Under the terms of the CARES Act, PPP Loan recipients can apply for, and be granted forgiveness for, all or a portion of loans granted under the Paycheck Protection Program. No assurance is provided that the Company will obtain forgiveness of the Subsidiary PPP Loans in whole or in part. During the three months ended March 31, 2021, the Company accrued interest in the amount of $1,502 on the Subsidiary PPP Loans.

    1,669,929       -  
                 

Total

    9,514,214       7,951,453  

Discount

    (55,449

)

    (58,537

)

Net of discount

  $ 9,458,765     $ 7,892,916  
                 

Current portion

  $ 1,997,470     $ 1,800,108  

Long-term maturities

    7,516,744       6,151,345  

Total

  $ 9,514,214     $ 7,951,453  
Schedule of Maturities of Long-term Debt [Table Text Block]
Aggregate maturities of long-term notes payable as of March 31, 2021 are as follows:


2022

  $ 1,997,470  

2023

    836,438  

2024

    840,067  

2025

    759,344  

2026

    5,080,895  

Total

  $ 9,514,214