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Bank Debt (Tables)

9 Months Ended

Sep. 30, 2024

Bank Debt [Abstract]

Schedule of Debt Proceeds Received and Principal Repayments

Debt proceeds received and principal repayments made (excluding our $1,000,000 line of credit) are reflected by loan during the periods as described in the tables below:

		During the Three-Month Period Ended September 30, 2024								During the Three-Month Period Ended September 30, 2023
		Proceeds from Debt Issuance				Debt Principal Repayments				Proceeds from Debt Issuance				Debt Principal Repayments
Loan #1		$	—			$	57,671			$	—			$	55,619
Loan #2			—				128,534				—				124,020
Loan #3			—				24,173				—				23,002
Loan #4			—				53,505				—				51,622
Loan #5			—				16,719				—				15,909
Loan #6			—				59,191				2,000,000				36,582
Loan #7			—				28,456				1,000,000				18,983
Total		$	—			$	368,249			$	3,000,000			$	325,737

		During the Nine-Month Period Ended September 30, 2024								During the Nine-Month Period Ended September 30, 2023
		Proceeds from Debt Issuance				Debt Principal Repayments				Proceeds from Debt Issuance				Debt Principal Repayments
Loan #1		$	—			$	172,017			$	—			$	166,527
Loan #2			—				382,324				—				369,154
Loan #3			—				71,629				—				68,156
Loan #4			—				159,171				—				153,704
Loan #5			—				49,542				—				15,909
Loan #6			—				174,804				2,000,000				36,582
Loan #7			—				84,619				1,000,000				18,983
Total		$	—			$	1,094,106			$	3,000,000			$	829,015

		During the Year Ended December 31, 2023								During the Year Ended December 31, 2022
		Proceeds from Debt Issuance				Debt Principal Repayments				Proceeds from Debt Issuance				Debt Principal Repayments
Loan #1		$	—			$	223,222			$	2,000,000			$	199,013
Loan #2			—				494,455				—				477,237
Loan #3			—				91,446				—				22,160
Loan #4			—				205,884				—				198,715
Loan #5			—				32,017				—				—
Loan #6			2,000,000				93,054				—				—
Loan #7			1,000,000				45,696				—				—
Total		$	3,000,000			$	1,185,774			$	2,000,000			$	897,125

Schedule of Principal Payments Bank Loans Outstanding

Principal payments (net of debt issuance and debt discount costs) due under bank loans outstanding as of September 30, 2024 (excluding our $1,000,000 line of credit) are reflected in the following table by the year that payments are due:

		During the Three-Month Period Ending December 31,				During the Years Ending December 31,
		2024				2025				2026				2027				2028				Thereafter				Total
Loan #1		$	58,765			$	239,876			$	248,604			$	257,649			$	266,537			$	4,598,457			$	5,669,888
Loan #2			129,801				530,738				549,881				140,436				—				—				1,350,856
Loan #3			24,476				101,000				106,146				83,143				—				—				314,765
Loan #4			54,055				220,994				228,965				240,442				—				—				744,456
Loan #5			16,929				69,856				73,415				77,156				81,086				—				318,442
Loan #6			60,581				253,003				1,418,558				—				—				—				1,732,142
Loan #7			29,617				124,364				715,704				—				—				—				869,685
Subtotal			374,224				1,539,831				3,341,273				798,826				347,623				4,598,457				11,000,234
Debt issuance cost			(5,583	)			(21,314	)			(13,580	)			(5,420	)			(3,513	)			(11,347	)			(60,757	)
Debt discount cost			(5,223	)			(20,891	)			(11,344	)			—				—				—				(37,458	)
Total		$	363,418			$	1,497,626			$	3,316,349			$	793,406			$	344,110			$	4,587,110			$	10,902,019

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Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation.

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Tabular disclosure of maturity and sinking fund requirement for long-term debt.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-SubTopic 10
-Topic 470
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-1

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