6. Note Payable

In December 2025, the Company issued a seller-financed promissory note in connection with the acquisition of land. The note has an initial principal balance of $205,000, is secured by the underlying land, and bears interest at 5% per annum. The note requires five annual payments of $47,350, due each December from 2026 through 2030.

As of June 30, 2026, the outstanding principal balance was $205,000, of which $37,100 was classified as current and $167,900 as long-term. In addition, the Company had accrued interest of $5,125 as of June 30, 2026, which is included in accounts payable and other accrued liabilities on the condensed consolidated balance sheet.

Future principal maturities of the note payable as of June 30, 2026 are as follows: