Notes Payable |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2026 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Notes Payable | 9. Notes Payable At March 31, 2026 and December 31, 2025, the balances of long-term unsecured notes to unrelated parties are as follows:
These are notes payable to individuals. The notes have interest payable monthly, ranging from 6% to 8% per annum and are unsecured and subordinated. The principal is due on various dates through December 31, 2031. The maturity date of these notes automatically extends for periods of three months to six years unless the note holder requests repayment through written instructions at least ninety days prior to the maturity date of the note. The automatic maturity extension of these notes is considered a loan modification. Interest expense on these notes totaled approximately $171,000 and $170,000 for the three months ended March 31, 2026 and 2025, respectively. The Company received proceeds on these notes of $10,000 and $220,750 for the three months ended March 31, 2026 and 2025, respectively. The Company repaid principal on these notes of $0 and $119,000 for the three months ended March 31, 2026 and 2025, respectively.
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