Note 5 - Notes Payable |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2026 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Notes to Financial Statements | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt Disclosure [Text Block] |
NOTE 5: NOTES PAYABLE
Notes payable were $3.1 million and $2.8 million as of March 31, 2026 and December 31, 2025, respectively.
The current portion was $0.4 million and $0.0 million at March 31, 2026 and December 31, 2025, respectively, as a result of insurance financing arrangements.
The long-term portion of notes payable relates to three unsecured notes, described below. The long-term portion of notes payable was $2.8 million at each of March 31, 2026 and December 31, 2025.
On April 23, 2024, the Company issued an unsecured note payable to Jade Capital in the amount of $2.5 million. The note bears interest at 16% per annum and requires quarterly interest payments beginning June 30, 2024. The Company has the right to prepay all or a portion of the Promissory Note at any time without premium or penalty. Tyler Rameson is an independent member of Mannatech's Board of Directors and is the managing member of Jade Capital. As of March 31, 2026, there was current portion, and the long-term portion of the balance was $1.9 million. On March 11, 2026, the Company and Mr. Rameson extended the maturity date of the note to September 30, 2027. All other terms of the note remained unchanged.
On April 23, 2024, the Company issued an unsecured note payable to J. Stanley Fredrick in the amount of $1.0 million. The note bears interest at 16% per annum and requires quarterly interest payments beginning June 30, 2024. The Company has the right to prepay all or a portion of the Promissory Note at any time without premium or penalty. Mr. Fredrick is the Chairman of Mannatech's Board of Directors. As of March 31, 2026, there was current portion, and the long-term portion of the balance was $0.8 million. On March 11, 2026, the Company and Mr. Fredrick extended the maturity date of the note to September 30, 2027. All other terms of the note remained unchanged.
On April 23, 2024, the Company issued an unsecured note payable to Kevin Robbins in the amount of $0.1 million. The note bears interest at 16% per annum and requires quarterly interest payments beginning June 30, 2024. The Company has the right to prepay all or a portion of the Promissory Note at any time without premium or penalty. Mr. Robbins is a member of Mannatech's Board of Directors. As of March 31, 2026, there was current portion, and the long-term portion of the balance was $0.1 million. On March 11, 2026, the Company and Mr. Robbins extended the maturity date of the note to September 30, 2027. All other terms of the note remained unchanged.
As of March 31, 2026, the Company's future principal payments on notes payable were as follows (in thousands):
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