v3.26.1
Other Loans
3 Months Ended
Mar. 31, 2026
Other Loans  
Other Loans

8. Other Loans

 

On April 18, 2020, the Company entered into a $271,000 loan with Woodforest National Bank, under a program administered by the Small Business Administration (“SBA”) as part of the Paycheck Protection Program (“PPP”) approved under the “Coronavirus Aid, Relief, and Economic Security Act” (“CARES Act”) (Pub. L. No. 116-136). The loan matured in two (2) years and accrued interest at 1% from the origination of the loan.

 

On June 22, 2022, the Company executed a loan modification with Woodforest National Bank (“WNB”) allowing for the repayment of the PPP loan to WNB. This loan was fully repaid in April 2025. For the three months ended March 31, 2026 and 2025, the Company paid interest on this loan of $0 and $59, respectively, which is included in interest expense.

 

On April 12, 2024, the Company entered into a $43,700 loan agreement with American Express. This loan was fully repaid in April 2025. For the three months ended March 31, 2026 and 2025, the Company paid interest on this loan of $0 and $656, respectively, which is included in interest expense.