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Long-term Debt (Tables)

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

Schedule of Debt

		Term Loans
Issue Date/ Refinancing Date						Maturity Date				Drawn Amount				December 31, 2023				December 31, 2024
March 2023							January 2032				70,000,000				—				66,719,215
May 2016							December 2025				65,650,000				21,234,160				19,161,840
March 2017							April 2026				70,787,500				42,343,739				—
August 2021							August 2026				60,000,000				29,260,092				—
December 2021							January 2028				59,400,000				31,279,000				—
Total															124,116,991				85,881,055
Current portion of long-term debt															16,863,076				23,537,305
Long-term debt															107,253,915				62,343,750
Total debt															124,116,991				85,881,055
Current portion of deferred finance charges															238,603				203,491
Deferred finance charges non-current															335,740				787,895
Total deferred finance charges															574,343				991,386
Total debt															124,116,991				85,881,055
Less: Total deferred finance charges															574,343				991,386
Total debt, net of deferred finance charges															123,542,648				84,889,669
Less: Current portion of long-term debt, net of current portion of deferred finance charges															16,624,473				23,333,814
Long-term debt															106,918,176				61,555,855

Schedule of Maturities of Long-term Debt

The annual principal payments to be made, for the abovementioned loans, after December 31, 2024, are as follows:

December 31,		Amount
2025			23,537,305
2026			4,375,000
2027			4,375,000
2028			4,375,000
Thereafter			49,218,750
Total			85,881,055

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Tabular disclosure of information on an original debt issue that has been converted in a noncash (or part noncash) transaction during the accounting period. "Part noncash" refers to that portion of the transaction not resulting in cash receipts or cash payments in the period. The information may be presented entirely or partially in this block of text or in the associated elements.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482913/230-10-50-4

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-Topic 230
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-URI https://asc.fasb.org/1943274/2147482913/230-10-50-3

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-Topic 230
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482913/230-10-50-5

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Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation.

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