12. LONG-TERM DEBT

On April 10, 2018, the Company renewed its loan with American First National Bank, which renewal included a ten-year extension of the Company’s promissory note in the original principal amount of approximately $4.21 million ($3.03 million at date of renewal) and converted the interest rate to an adjustable interest rate equal to the prime rate plus 0.25%. The note matures on April 10, 2028 and is secured by the Company’s land and buildings. The interest rate was 5.5% at September 30, 2018.

The following chart summarizes the Company’s obligations under this note to make future payments as of September 30, 2018 for years ending December 31:


2018	$	63,102
2019		246,995
2020		260,202
2021		273,703
2022		287,905
Thereafter		1,807,208
	$	2,939,115