The following is a roll forward of the Company’s loans payable balance during the twelve months ended December 31, 2025:

 

Balance as of January 1, 2025		$	25,756,757
Additional borrowings under credit facility			50,044,151
Repayment of borrowings			(42,538,256	)
Foreign currency transaction adjustment			(122,643	)
Balance as of December 31, 2025		$	33,140,009