LONG-TERM DEBT OBLIGATIONS |
3 Months Ended | |||||||||||||||||||||||||||||||||||
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Mar. 31, 2026 | ||||||||||||||||||||||||||||||||||||
| Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||
| LONG-TERM DEBT OBLIGATIONS | 10. LONG-TERM DEBT OBLIGATIONS
Long-term debt consists of the bank term debt which was consolidated from existing lines of credit in September 2025. The bank term loan, referenced above in Note 9, has a principal balance of $1,800,000 with a maturity date of June 30, 2030. The bank term loan bears interest at the fixed rate of seven and three-quarters per cent (7.75%). Quarterly interest only payments were required through December 2025. Beginning in 2026, quarterly principal and interest payments are required in March, June, September and December. The Company did not make a scheduled payment of $100,000 due on March 31, 2026; the payment was subsequently made on April 30, 2026. This matter did not result in any acceleration of the underlying obligation or other significant consequences.
A summary of payments due under the Company’s long-term debt as of March 31, 2026 is as follows:
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