Indian Gaming Association Notes to Financial Statements
Note 7: Long-Term Debt
Long-term debt consists of the following at December 31, 2025 and 2024:
2025
2024
A mortgage note on IGA 's office building payable in monthly installments of $13,920 through August 1, 2027. The mortgage is secured by IGA's office building. The interest rate is 3.5% per annum and is fixed for the full term of the loan. There is $100,000 cash restricted for repayment of this loan. Refer to Note 8. On September 8, 2022, IGA entered into a loan agreement with Clarion Events, Inc. with the initial loan of $1,500,000. IGA may request up to $1,000,000 in additional loans, in minimum increments of $250,000. Principal and unpaid interest are due and payable in 23 equal annual increments, commencing in 2023, on or before the 90th day following the last day of the IGA trade show and convention conference. Interest on the amount of the loan is at 3.0% per annum, compounded monthly. The loan is secured by assets of IGA.
$ 2,527,950 $ 2,605,047
1,352,097 1,401,279
Total long-term debt
3,880,047 4,006,326
Less: current maturities
(130,497)
(126,279)
Total long-term portion of debt, net
$ 3,749,550 $ 3,880,047
Annual principal amounts due on the long-term debt are as follows:
Years Ending December 31,
Principal
2026 2027 2028 2029 2030
$ 130,497
2,500,289
53,743 55,355 302,705 350,919 406,811 79,728
2031 - 2035 2036 - 2040 2041 - 2045
Total
$ 3,880,047
21
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