Notes Payable (Tables)

9 Months Ended

Sep. 30, 2025

Our notes payable consists of the following as of September 30, 2025 and December 31, 2024:


	September 30, 2025		December 31, 2024


Note payable dated February 22, 2024, maturing December 15, 2027 (a)	$	2,000,000	$	6,000,000


Promissory note payable (b)	—		2,000,000


Total Notes Payable	$	2,000,000	$	8,000,000

(a)On February 22, 2024, as a result of amending the previous notes, as detailed Part II, Item 8 “Financial Statements and Supplementary Data”, Note 7 "Notes Payable", of our Annual Report on Form 10-K for the year-ended December 31, 2024, the Company entered into a new note (the "2024 Eisiminger Note"), with a principal balance of $6,000,000, maturing on August 31, 2026, and bearing interest at 7.5% per annum until February 1, 2025, after which the interest rate will increase to 8% per annum. On April 17, 2025, the Company amended the 2024 Eisiminger Note, providing for a $2,000,000 principal payment, extending the maturity date to December 15, 2027, and increasing the interest rate to 10%. Subsequently, on August 4, 2025, the Company made an additional $2,000,000 principal payment.

(b)On February 22, 2024, the Company and the Buckhout Charitable Remainder Trust entered into a new note payable in the principal amount of $2,400,000 (the "Buckhout February 2024 Note") which was scheduled to mature on August 31, 2026, and accrue interest at a per annum rate of 5% through January 1, 2025, 8% per annum through January 1, 2026, and 12% per annum thereafter. The principal amount was amortized at the rate of $100,000 per month, commencing in September 2024. On June 2, 2025, the Company fully repaid the remaining principal balance of the Buckhout February 2024 Note, along with two days of accrued interest for the month of June. The repayment fully extinguished the related liability.