LONG-TERM DEBT OBLIGATIONS |
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| Debt Disclosure [Abstract] | ||||||||||||||||||||||||||
| LONG-TERM DEBT OBLIGATIONS | 9. LONG-TERM DEBT OBLIGATIONS
Long-term debt consists of bank term debt which was consolidated from existing lines of credit in September 2025. The bank term loan has a principal balance of $1,600,000 with a maturity date of June 30, 2030. The bank term loan bears interest at the fixed rate of seven and three-quarters percent (7.75%). Quarterly interest only payments were required through December 2025. Beginning in 2026, quarterly principal and interest payments are required in March, June, September and December.
A summary of payments due under the Company’s long-term debt as of June 30, 2026 is as follows:
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