7. Notes Payable

12 Months Ended

Dec. 31, 2019

Debt Disclosure [Abstract]

Notes Payable

Notes payable consisted of the following:

	2019		2018
	($ in thousands)
Notes Payable-
At prime plus 2%, due October 1, 1985	$	176	$	176
At prime plus 2%, due October 1, 1987		1,000		1,000
Non-interest bearing, due August 1, 1993		22		22
	$	1,198	$	1,198

The prime rate at December 31, 2019 and 2018, was 4.75% and 5.5%, respectively.

The overall weighted-average interest rate for the Company’s credit agreements with its notes and mortgages was approximately 7.15% and 6.8% at December 31, 2019 and 2018, respectively. 

Accrued interest on notes payable consisted of the following:

	2019		2018
	($ in thousands)
Notes Payable-
At prime plus 2%, due October 1, 1985	$	477	$	464
At prime plus 2%, due October 1, 1987		2,908		2,835
	$	3,385	$	3,299

All of the outstanding notes payable including accrued interest are past due.