v3.26.1
Note 8 - Notes Payable
 6 Months Ended
Jun. 30, 2026
Notes to Financial Statements  
Debt Disclosure [Text Block]

Note 8. Notes Payable

 

On May 22, 2026, the Company completed the purchase of real property located in Orlando, Florida (the “Orlando Property”) for $5,000,000 paid with $1,000,000 cash and proceeds from a mortgage loan from UMB (formerly Arizona Bank & Trust) in the amount of $4,000,000. The loan terms include interest to be accrued at a variable rate until our future swap, 84 monthly payments of approximately $21,330, and one irregular balloon payment of $3,427,889 due on the maturity date of May 15, 2033. The Company began making monthly payments on June 15, 2026. The payment and performance of the loan is secured by a security interest in the Orlando Property.

 

On August 25, 2021, the Company completed the purchase of real property located in Chandler, Arizona (the “Chandler Property”) for $10,800,000 paid with cash and proceeds from a mortgage loan from Arizona Bank & Trust in the amount of $8,600,000. The loan terms include interest to be accrued at a fixed rate of 3% per year, 119 regular monthly payments of $40,978, and one irregular payment of $5,956,538 due on the maturity date of August 23, 2031. The Company began making monthly payments on September 23, 2021. The payment and performance of the loan is secured by a security interest in the Chandler Property.

 

Notes payable amounts consist of the following:

 

 

 

June 30, 2026

 

 

December 31, 2025

 

 

 

 

 

 

 

 

 

 

Short-term liabilities

 

 

 

 

 

 

 

 

Notes payable, principal

 

$

302,961

 

 

$

215,037

 

Accrued interest to date

 

 

9,562

 

 

 

12,717

 

 

 

 

 

 

 

 

 

 

Notes Payable, short-term

 

$

312,523

 

 

$

227,754

 

 

 

 

 

 

 

 

 

 

Long-term liabilities

 

 

 

 

 

 

 

 

Notes payable, principal

 

$

11,107,199

 

 

$

7,314,085

 

 

 

 

 

 

 

 

 

 

Notes payable, long term

 

$

11,107,199

 

 

$

7,314,085