2026

2025

ELR Associates, LLC, a fully consolidated variable interest entity of the Company, entered into a $863,607 mortgage note payable, securitized by ELR’s real estate and cross-collateralized with all Company assets, with M&T Bank, requiring monthly installments of $7,389, including interest at a fixed rate of 6.13%. The note matures in March 2031, with a lump sum payment due.

$

769,185

$

799,052

ELR Associates, LLC, entered into a $1,064,000 term note payable with the U.S. Small Business Administration, requiring monthly installments of $6,652, including fees and interest at a fixed rate of 2.22%. The note matures in June 2036. The note is secured by certain assets of the Company and a personal guaranty of the Company’s CEO and majority stockholder.

577,008

616,440

On November 13, 2025, the Company entered into a $1,268,732 Stockholder Loan with the CEO, the proceeds of which were applied to pay down a now extinguished M&T term note. The note amortization calls for monthly payments of $40,031.03 at 6.95% effective annual rate and matures on October 31, 2028, with a lump sum payment due of the remaining balance, if any. On February 28, 2026, the Company borrowed an additional $200,000 from the same stockholder with identical terms, except that the second loan matures on January 31, 2029 and calls for monthly payments of $6,310.40 at 6.95% effective annual rate, with a lump sum payment due of the remaining balance, if any. Payment for both notes began on June 30, 2026, and included $114,692 in principal payments during the third quarter of 2026.

1,316,235

1,268,732

Total Debt

2,662,428

2,684,224

Less: Unamortized Debt Issuance Costs

42,675

55,091

Debt, Less Unamortized Debt Issuance Costs

2,619,753

2,629,133

Less: Current Maturities

577,766

499,853

Total Debt

$

2,041,987

$

2,129,280