LONG-TERM DEBT

12 Months Ended

Dec. 31, 2022

LONG-TERM DEBT

LONG-TERM DEBT

8.   LONG-TERM DEBT

Long-term debt consists of the following:

	December 31,
	2022		2021
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 7.75% at December 31, 2022.	$	1,819,376	$	2,103,308
Less: current portion		(285,954)		(289,114)
	$	1,533,422	$	1,814,194

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, 2022, are as follows:

2023	$	285,954
2024		308,903
2025		334,416
2026		361,661
2027		391,125
Thereafter		137,317
	$	1,819,376