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NOTES PAYABLE | 3 Months Ended
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Mar. 31, 2025
Debt Disclosure [Abstract] |
NOTES PAYABLE | NOTES PAYABLE The following table summarizes our outstanding debt as of the dates indicated (in thousands):
| Maturity |  | Cash Interest Rate |  | March 31, 2025 |  | December 31, 2024
Notes Payable – Acquisitions(1) | 10/01/25 - 07/01/29 |  | 2.00% - 5.00% |  | $ | 11,345 |  |  | $ | 9,943 |
Notes Payable – Other | 11/01/25 |  | 10.00% |  | $ | 5,000 |  |  | 5,000 |
Gross Notes Payable |  |  |  |  | $ | 16,345 |  |  | $ | 14,943 |
(1)See Note 3 — Business Combinations and Asset Acquisitions and Notes Payable - Acquisitions section below for further discussion regarding the notes payable related to acquisitions. The following table summarizes the debt issuance costs as of the dates indicated (in thousands):
| Gross Notes Payable |  | Debt Issuance Costs and Debt Discount |  | Net Notes Payable
March 31, 2025 |  |  |  |  |
Current portion of notes payable | $ | 8,541 |  |  | $ | (593) |  |  | $ | 7,948 |
Notes payable, net of current portion | 7,804 |  |  | (1,632) |  |  | 6,172 |
Total | $ | 16,345 |  |  | $ | (2,225) |  |  | $ | 14,120 |
December 31, 2024 |  |  |  |  |
Current portion of notes payable | $ | 7,578 |  |  | $ | (570) |  |  | $ | 7,008 |
Notes payable, net of current portion | 7,365 |  |  | (1,656) |  |  | 5,709 |
Total | $ | 14,943 |  |  | $ | (2,226) |  |  | $ | 12,717 |
The following table summarizes the future principal payments related to our outstanding debt as of March 31, 2025 (in thousands):
2025 (Remaining) | $ | 7,578 |
2026 | 5,767 |
2027 | — |
2028 | — |
2029 | 3,000 |
Total | $ | 16,345 |
Notes Payable - Acquisitions As of March 31, 2025, we have seven promissory notes related to acquisitions that occurred during the three months ended March 31, 2025 and prior years with a combined outstanding principal balance of $11,345 and maturity dates ranging from October 1, 2025 to July 1, 2029. See Note 2 — Business Combinations and Asset Acquisitions for further discussion regarding the issuance of notes payable related to acquisitions. Notes Payable - Other In November 2024, we delivered a promissory note to an unrelated third party in exchange for cash. As of March 31, 2025, the promissory note had an outstanding principal balance of $5,000 and matures on November 1, 2025. On April 10, 2025, we extinguished this debt using the proceeds of a new credit facility. See Note 12 — Subsequent Events for the details of the extinguishment of this note after the reporting period.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 8A -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A Reference 2: http://www.xbrl.org/2003/role/disclosureRef 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