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Bank and Other Loans Payable (Tables)

12 Months Ended

Dec. 31, 2024

Bank and other loans payable are summarized as follows:

Summary of Bank Loans Payable

	December 31,
	2024			2023
Total bank and other loans	$	49,174,545		$	50,129,255
3.85% fixed note payable in monthly installments of $243,781 including principal and interest, collateralized by real property with a book value of approximately $60,420,000, due June 2032.	$	49,174,545		$	50,129,255

3.30% fixed note payable in monthly installments of $179,562 including principal and interest, collateralized by real property with a book value of approximately $42,230,000, due April 2031.		37,632,943			38,478,359

4.7865% fixed interest only note payable in monthly installments, collateralized by real property with a book value of approximately $16,240,000, due June 2028.		9,200,000			9,200,000

1 month SOFR rate plus 2% loan purchase agreement with a warehouse line availability of $100,000,000, expired November 2024 and is no longer needed by the Company.		-			114,518

1 month SOFR rate plus 2.0% loan purchase agreement with a warehouse line availability of $25,000,000, matures August 2025.		2,668,519			-

1 month SOFR rate plus 2.1% loan purchase agreement with a warehouse line availability of $15,000,000, matures June 2025.		7,918,930			7,617,455

Finance lease liabilities		145,167			15,550

Total bank and other loans		106,740,104			105,555,137

Less current installments		(12,559,420	)		(9,543,052	)
Bank and other loans, excluding current installments	$	94,180,684		$	96,012,085

The following tabulation shows the combined maturities of bank and other loans payable: