v3.26.1
LOANS PAYABLE
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
LOANS PAYABLE

NOTE 8. LOANS PAYABLE

 

Long -Term Debt

 

   June 30, 2026   December 31, 2025 
Payable to Wells Fargo bearing interest at 3.99%. Requires monthly principal and interest payment. The original loan amount was $26,666 with a term of 84 months beginning November 21, 2021.  $9,727   $9,174 
Payable to GMC Financial, secured by a Company vehicle. Monthly payments of principal and interest totaling $425 are due on the 19th of each month. Interest accrues at a rate of 3.09% annually. Loan matures in November 2026.   -    1,348 
Payable to Land Rover Financial Group, secured by a Company vehicle. Monthly interest payments are due at the beginning of each month. Interest accrues at a rate of 8.59% annually. Loan matures in July 2029.   73,710    83,934 
Promissory note payable to the former member of Apex Marine, issued on May 4, 2026 as part of the consideration for the acquisition of Apex Marine. The note is unsecured, bears no interest and matures on May 5, 2027. Payments under this note rank in priority to the $2,466,667 note described below, and the two notes are cross-defaulted.   500,000    - 
Promissory note payable to the former members of Apex Marine, dated April 30, 2026 and issued as part of the consideration for the acquisition of Apex Marine. The original principal amount is $2,466,667 and interest accrues at a rate of 6.00% annually. Principal of $96,991 was repaid during the six months ended June 30, 2026. The note is payable in monthly installments of principal and interest of $109,324 beginning June 1, 2026, is fully amortized over twenty-four months with no remaining principal balance due at maturity, and the final payment is due on May 1, 2028. The note may be prepaid in whole or in part at any time without premium or penalty and is secured by a pledge and security agreement and certain collateral assignments.   2,369,676    - 
Payable to First Carolina Bank, secured by the Company’s property at 400 Piney Narrows Road and boat slip units 2J and 4H, Kent Island, Queen Anne’s County, Maryland. Monthly payments of principal and interest of $13,700 are due on the 2nd of each month, based on a twenty-year amortization, with the remaining principal due at maturity on May 2, 2031. Interest accrues at a fixed rate of 5.75% annually.   1,946,578    - 
Payable to m² Equipment Finance LLC, secured by a marina forklift. Monthly payments of principal and interest of $1,209 are due on the 22nd of each month, based on a seven-year amortization, with final maturity in April 2028. Interest accrues at a fixed rate of approximately 5.00% annually.   43,005    - 
Vehicle note assumed in connection with the acquisition of Bellhart Marine, Payable to GM Financial, secured by a vehicle owned by the Company. Monthly payments of principal and interest of $1,288 are due on the 21st of each month through May 2032. Interest accrues at a fixed rate of 5.90% annually.   149,057    - 
Buyout obligation assumed in connection with the acquisition of Bellhart Marine. The obligation is non-interest bearing.   140,924    - 
Total Long-term debt  $5,232,677   $94,456 

 

 

Maturity of long-term debt is as follows:

 

As of June 30:  Amount 
2027  $1,969,226 
2028   1,329,498 
2029   103,287 
2030   87,045 
2031   1,732,936 
Thereafter   10,685 
Total  $5,232,677 

 

Short-Term Debt

 

On March 25, 2026, the Company issued a promissory note to Blueprint Business Communications in the principal amount of $1,500,000 in connection with a property transaction. The note matured on May 24, 2026 and was repaid in full during the three months ended June 30, 2026.

 

On June 22, 2026, the Company issued a promissory note to RLLT Capital, LLC in the principal amount of $2,000,000, which is presented as short-term debt on the condensed consolidated balance sheets. The promissory note bears interest at a fixed rate of 15% per annum, calculated on the basis of a 365-day year and the actual number of days elapsed. The note was scheduled to mature on the earlier of December 19, 2026 or the closing of the sale of the related boat. On July 6, 2026, the Company repaid the note in full.

 

In connection with the acquisition of Bellhart, the Company assumed obligations of the sellers aggregating $170,000, which are presented as short-term debt pending finalization of the underlying loan documentation.

 

As of June 30, 2026 and December 31, 2025, short-term debt outstanding was $ 2,170,000 and nil, respectively.