Notes Payable |
3 Months Ended |
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Mar. 31, 2026 | |
| Debt Disclosure [Abstract] | |
| Notes Payable | Note 9 – Notes Payable
Insurance Notes Payable
In 2025, the Company entered into two insurance policy financing arrangements to purchase various insurance policies. The total principal of this arrangement was $311,118 with interest rates of 10.30% and 9.70% and monthly payments of $9,985 and $15,612 due through July 2026. The Company made principal repayments of $54,445 and incurred interest expense of $2,462 during the three months ended March 31, 2026. The Company made principal repayments of $194,732 and incurred interest expense of $6,262 during the year ended December 31, 2025. As of March 31, 2026, and December 31, 2025, the remaining balance was $62,026 and $116,386, respectively.
The Company recognized interest expense on notes payable of $2,462 and $3,229 for the three months ended March 31, 2026, and 2025, respectively.
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- References No definition available.
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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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