NOTES PAYABLE AND LONG-TERM DEBT	6 Months Ended
Jun. 30, 2026
NOTES PAYABLE AND LONG-TERM DEBT
NOTES PAYABLE AND LONG-TERM DEBT	Note 9 – NOTES PAYABLE AND LONG-TERM DEBT Notes payable of $12,355,184 at June 30, 2026 consists of convertible debentures of $9,855,184 and loans payable to Bogdan Capital LLC of $2,500,000. The convertible debentures comprise the $6,000,000 note issued in connection with the Memorial Real Estate Group transaction, the $3,500,000 note issued for the interest in RI Property Holdings, Inc., convertible notes of $35,000, $80,000 and $133,000 issued to related parties during the period, and the carrying amount of $107,184 on a note with an original issue discount. Each convertible note bears simple interest at 6.00% per annum, is unsecured, and carries a holder-optional conversion feature. No note has been converted. Mortgage debt of $11,447,504 at June 30, 2026 consists of $7,200,000 secured by 653 East Capitol Street S.E., $2,789,625 secured by eight residential condominium units at 3628 Georgia Avenue N.W., a $250,000 purchase money note secured by the commercial unit at that property, the $1,019,455 CNE first mortgage assumed in the Memorial Real Estate Group transaction, and $188,424 carried by an acquired entity. The $250,000 purchase money note is dated August 11, 2025, bears interest at 25.00% per annum computed on a 360-day year, and matured on February 8, 2026 without being paid. It is secured by a purchase money deed of trust on the commercial unit recorded August 14, 2025 and is guaranteed by an officer of a subsidiary. It is classified as current. No default interest, penalties or legal costs have been accrued. Amounts asserted by the noteholder above the contractual balance of the note are disputed. Other long-term debt of $2,069,387 consists of obligations carried by acquired entities. Accrued interest payable was $239,989 and interest expense was $345,471 for the six months ended June 30, 2026, excluding interest capitalized during construction.

NOTES PAYABLE AND LONG-TERM DEBT

6 Months Ended

Jun. 30, 2026

Note 9 – NOTES PAYABLE AND LONG-TERM DEBT

Notes payable of $12,355,184 at June 30, 2026 consists of convertible debentures of $9,855,184 and loans payable to Bogdan Capital LLC of $2,500,000. The convertible debentures comprise the $6,000,000 note issued in connection with the Memorial Real Estate Group transaction, the $3,500,000 note issued for the interest in RI Property Holdings, Inc., convertible notes of $35,000, $80,000 and $133,000 issued to related parties during the period, and the carrying amount of $107,184 on a note with an original issue discount. Each convertible note bears simple interest at 6.00% per annum, is unsecured, and carries a holder-optional conversion feature. No note has been converted.

Mortgage debt of $11,447,504 at June 30, 2026 consists of $7,200,000 secured by 653 East Capitol Street S.E., $2,789,625 secured by eight residential condominium units at 3628 Georgia Avenue N.W., a $250,000 purchase money note secured by the commercial unit at that property, the $1,019,455 CNE first mortgage assumed in the Memorial Real Estate Group transaction, and $188,424 carried by an acquired entity.

The $250,000 purchase money note is dated August 11, 2025, bears interest at 25.00% per annum computed on a 360-day year, and matured on February 8, 2026 without being paid. It is secured by a purchase money deed of trust on the commercial unit recorded August 14, 2025 and is guaranteed by an officer of a subsidiary. It is classified as current. No default interest, penalties or legal costs have been accrued. Amounts asserted by the noteholder above the contractual balance of the note are disputed.

Other long-term debt of $2,069,387 consists of obligations carried by acquired entities. Accrued interest payable was $239,989 and interest expense was $345,471 for the six months ended June 30, 2026, excluding interest capitalized during construction.