Related Party Transactions |
3 Months Ended |
|---|---|
Mar. 31, 2026 | |
| Related Party Transactions [Abstract] | |
| Related Party Transactions | 13. Related Party Transactions
The Company has engaged in transactions with related parties primarily shareholders, officers and directors and their relatives that involve financing activities and services to the Company. The following discussion summarizes its activities with related parties.
Office lease
As discussed in Note 5, the Company entered into a three-year lease for its office space in Miami, FL with an entity that is controlled by our CEO and related parties. The Company leases approximately 3,000 square feet of office space. The lease contract expires in February 2027.
Line of credit
As discussed in Note 7, the Company secured its primary financing in part through the assistance of our CEO who guaranteed the loan to the financial institution. The current line of credit with First Horizon Bank was initiated at
$35,000,000. In October 2021, the Company increased its line of credit with First Horizon Bank from $35,000,000 to $45,000,000. In November 2022, the Company extended the maturity of its line of credit with First Horizon Bank until November 30, 2025.
Notes payable
As discussed in Note 10, the Company has been advanced funds by its shareholders. As of March 31, 2026 and December 31, 2025, the amounts advanced were $2,568,500 and $2,628,500, respectively.
|