v3.25.2
Note 13 - Note Payable
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Note Payable
13.
Note Payable

On December 29, 2022, the Company obtained a promissory note in the amount of $1.7 million for the purpose of purchasing land and a building in Coralville, IA. The note bears interest at 6.15% per annum and is collateralized by the property. The note requires monthly principal and interest payments, and a balloon payment of approximately $1.5 million is due on December 29, 2027.

The following table presents the current and long-term portions of the note payable (in thousands):

 

 

June 30,

 

 

December 31,

 

 

2025

 

 

2024

 

 

 

 

 

 

 

 

Note payable

 

$

1,651

 

 

$

1,677

 

Less: current portion

 

 

(54

)

 

 

(52

)

Note payable, long-term portion

 

$

1,597

 

 

$

1,625

 

 

The following table presents the future principal payments included on the Condensed Consolidated Balance Sheets related to the Company’s note payable as of June 30, 2025 (in thousands):

 

Years ending December 31:

 

 

 

2025 (remaining six months)

 

$

26

 

2026

 

 

56

 

2027

 

 

1,569

 

Total

 

$

1,651