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Subsequent Events
12 Months Ended
Dec. 31, 2021
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

20. SUBSEQUENT EVENTS

 

We have evaluated subsequent events through the time of filing on March 30, 2022, the date we have issued this Annual Report on Form 10-K. On March 23, 2022, we (a) extended our existing $1.0 million line of credit with Gorham Savings Bank (GSB) until March 11, 2024, and (b) increased our mortgage borrowing from GSB by $2.0 million, resulting in the initial principal balance of $6,233,956 being subject to repayment on the basis of a 20-year amortization schedule payable over a 10-year term at a blended interest rate of 3.53% per annum, under which a balloon payment of $3,682,918 plus accrued interest would become due on March 11, 2032. The revised mortgage note is secured by a mortgage on our premises located at 56 Evergreen Drive and 33 Caddie Lane in Portland, Maine. As of the time of filing on March 30, 2022, there were no other material, reportable subsequent events.