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DEBT
 9 Months Ended
Sep. 30, 2025
DEBT  
DEBT

7. DEBT

 

On May 14, 2020, the Company received COVID-19 EIDL lending from the U.S. Small Business Administration (SBA) in the amount of $150,000. The loan bears interest at an annual rate of 3.75% calculated on a monthly basis. Monthly payments of $731 were required beginning in November 2022, with a final balloon payment equal to the remaining principal due at the maturity date of October 12, 2050. The balance as of September 30, 2025 and December 31, 2024 was $153,764 and $155,891, respectively. The current maturity at September 30, 2025 is $8,772 and the long-term liability is $144,992 ($8,772 and $147,119 at December 31, 2024, respectively). The loan is collateralized by all tangible and intangible personal property of the Company. The Company is prohibited from accepting future advances under any superior liens on the collateral without the prior consent of SBA.

 

The current future payment obligations of the principal are as follows:

 

Period

 

Principal Payments

2025 (remaining three months)

 

$

-

2026

 

 

465

2027

 

 

3,220

2028

 

 

3,333

2029

 

 

3,470

Thereafter

 

 

139,512

Total

 

$

150,000