v3.26.1
Notes Payable - Related Parties
 6 Months Ended
Jun. 30, 2026
Defined Benefit Plan Disclosure [Line Items]  
Notes Payable - Related Parties

6. Notes Payable – Unrelated Parties

 

As of June 30, 2026, we have no outstanding indebtedness.

 

On February 16, 2026, we entered into a $1 million secured term loan line of credit, at a variable interest rate of SOFR plus 2.35%, pursuant to a Credit Agreement (the “Credit Agreement”) and other related agreements with JPMorgan Chase. The line of credit will expire on December 31, 2026, unless renewed by mutual agreement of the Company and JPMorgan Chase. The Company expects the proceeds of any borrowings under the line of credit to be used for, among other things, working capital, capital expenditures, and general corporate purposes.

 

Summary of Notes Payable to Unrelated Parties

 

The entire outstanding balance of the Notes Payable to Unrelated Parties was prepaid in full on June 18, 2025. With respect to all notes outstanding (other than the notes to related parties), interest expense, including the amortization of debt issuance costs, for the three and six months ended June 30, 2026 was $0, and for the three and six months ended June 30, 2025 was $39,683 and $70,252, respectively.

 
Related Party [Member]  
Defined Benefit Plan Disclosure [Line Items]  
Notes Payable - Related Parties

7. Notes Payable - Related Parties

 

Summary of Notes Payable to Related Parties

 

The entire outstanding balance of the Notes Payable to Related Parties was prepaid in full on June 18, 2025. With respect to all notes payable – related parties outstanding, interest expense, including the amortization of debt issuance costs, for the three and six months ended June 30, 2026 was $0, and for the three and six months ended June 30, 2025 was $26,096 and $46,225, respectively.