Debt |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2025 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt | NOTE 7 – DEBT
Bank Lines of Credit
In April 2022, the Company obtained a domestic revolving line of credit of $2,000,000 at Torrey Pines Bank. To access this line of credit, the Company must maintain a minimum cash balance of $2,500,000 with the bank and maintain a maximum debt to tangible net worth of ratio of 1.00. The line of credit is also collateralized by the assets of the Company. No balance was outstanding on June 30, 2025 or December 31, 2024.
Bressner has three revolving lines of credit with German institutions, including Uni Credit Bank AG, Commerzbank AG, and VR Bank, with total availability of up to €2,700,000 (US $3,178,073) as of June 30, 2025. Borrowings under the lines of credit bear interest at a variable rate of Euribor plus a stated rate. The rates as of June 30, 2025, for the lines of credit ranged from 3.75% to 6.55%, with the balances remaining open indefinitely or until occurrence of a defined change of control event. There were no outstanding lines of credit balances as of June 30, 2025 or December 31, 2024.
Foreign Debt Obligations
Bressner had two term loans outstanding as of June 30, 2025, with an aggregate balance outstanding of €1,000,000 (US$1,177,064) as follows:
• On December 31, 2024, Bressner han an outstanding note payable with UniCredit Bank for €500,000 with a maturity date of June 20, 2025 at an interest rate of 4.40%. On June 19, 2025, the note was further extended to December 22, 2025 at an interest rate of 3.75%, with accrued interest having been paid as current. The balance outstanding on the note as of June 30, 2025 and December 31, 2024, was €500,000 (US$588,532) and €500,000 (US$517,525), respectively.
• On December 31, 2025, Bressner had an outstanding note payable with Commerzbank AG for €500,000 with a maturity date of March 31, 2025 at an interest rate of 4.75%. On March 31, 2025, the note was extended through September 30, 2025, and the interest rate was reduced to 3.9%, with accrued interest having been paid current as of March 31, 2025. The balance outstanding on the note as of June 30, 2025 and December 31, 2024, was €500,000 (US$588,532) and €500,000 (US$517,525), respectively.
A summary of outstanding debt obligations as of June 30, 2025, was as follows:
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