XML 57 R36.htm IDEA: XBRL DOCUMENT v3.24.1.u1
Long-Term Debt (Tables)
12 Months Ended
Dec. 31, 2023
Long-Term Debt [Abstract]  
Schedule of Long Term Debt Long-term debt consisted of the following at December 31, 2023 and 2022:
   2023   2022 
Term loan, due in 2027  $38,290,000   $
 
Less: current portion of long-term debt   (2,000,000)   
 
Less: unamortized issuance costs   (2,059,263)   
 
Long-term debt, net  $34,230,737   $
 
Schedule of Maximum Leverage Ratio A maximum leverage ratio, as defined in the Financing as follows:
Fiscal Quarter End  Leverage
ratio
 
March 31, 2024  4.50 to 1.00 
June 30, 2024  4.00 to 1.00 
September 30, 2024  3.50 to 1.00 
December 31, 2024  3.00 to 1.00 
March 31, 2025  2.50 to 1.00 
June 30, 2025  2.25 to 1.00 
September 30, 2025, and thereafter  2.00 to 1.00 
Schedule of Payments Due on the Loan Payments due on the Loan in each of the next four years subsequent to December 31, 2023, are as follows:
For the year ending December 31,    
2024  $2,000,000 
2025   2,000,000 
2026   2,000,000 
2027   32,290,000 
   $38,290,000