XML 52 R39.htm IDEA: XBRL DOCUMENT v3.21.1
7) Bank and Other Loans Payable (Tables)
 12 Months Ended
Dec. 31, 2020
Debt Disclosure [Abstract]  
Summary of Bank Loans Payable

Bank and other loans payable are summarized as follows:

 

     December 31
    2020   2019
2.25% above the monthly LIBOR rate plus 1/16th of the monthly LIBOR rate note payable in
   monthly principal payments of $13,167 plus interest, collateralized by real property, paid in
   full November 2020.		    $               -       $    2,659,769
         
4.27% fixed note payable in monthly installments of $53,881 including principal and interest,
    collateralized by shares of Security National Life Insurance Company stock, due
    December 2021.		             633,890          1,238,619
         
Prime rate note payable in monthly installments of $75,108 including principal and interest,
   collateralized by shares of Security National Life Insurance Company stock, due
   December 2024.		           3,257,113          4,000,000
         
4.40% fixed note payable in monthly installments of $46,825 including principal and interest,
    collateralized by real property, paid in full April 2020.		                       -          7,247,651
         
4.329% fixed note payable in monthly installments of $9,775 including principal and interest,
   collateralized by real property with a book value of approximately $3,174,000, due
   September 2025.		           1,861,920          1,896,450
         
2.5% above the monthly LIBOR rate plus 1/16th of the monthly LIBOR rate construction loan
   payable in monthly principal payments of $113,000 plus interest, collateralized by real property
  with a book value of approximately $50,689,000, due March 2021.		         35,091,364        33,811,559
         
4.7865% fixed interest only note payable in monthly installments, collateralized by real property
   with a book value of approximately $17,655,000, due June 2028.		           9,200,000          9,200,000
         
1 month LIBOR rate plus 2.1% loan purchase agreement with a warehouse line availability of
   $150,000,000, matures June 2021.		       116,598,834        88,509,536
         
1 month LIBOR rate plus 3% loan purchase agreement with a warehouse line availability of
   $175,000,000, matures November 2021.		         68,766,572        67,537,600
         
1 month LIBOR rate plus 2.5% loan purchase agreement with a warehouse line availability of
   $90,000,000, matures May 2021.		         60,715,374                      -
         
1 month LIBOR rate plus 2.5% loan purchase agreement with a warehouse line availability of
   $5,000,000, matures August 2021.		             317,582                      -
         
Other short-term borrowings (1)           1,250,000          1,250,000
         
Finance lease liabilities             104,951            153,439
         
Other loans payable               26,768              67,989
Total bank and other loans       297,824,368      217,572,612
         
Less current installments       284,250,996      192,985,602
Bank and other loans, excluding current installments    $   13,573,372    $  24,587,010
         
(1) Revolving Line of Credit        
Schedule of combined maturities of bank loans payable, lines of credit and notes and contracts payable

The following tabulation shows the combined maturities of bank and other loans payable:

 

2021  $  284,242,327
2022            884,383
2023            926,186
2024            937,315
2025         1,634,157
Thereafter         9,200,000
Total  $  297,824,368