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DEBT (Tables) | 9 Months Ended
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Sep. 30, 2024
DEBT |
Schedule Of Long-term Debt | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Outstanding Balance
​ |  | September 30, |  | December 31,
​ |  | 2024 | ​ | 2023
Consumer |  | ​ |  |  | ​ |
Note payable, FSB (1) | ​ | $ | 2,483,853 | ​ | $ | 2,563,108
Note payable, Truist Bank (3) | ​ |  | 810,659 | ​ |  | 838,430
Notes payable, TBT (4,5) | ​ |  | 2,001,435 | ​ |  | 2,064,928
Note payable, Kretchmer Transaction (6) | ​ |  | 50,000 | ​ |  | 200,000
​ | ​ | ​ | ​ | ​ | ​ | ​
Sub-total | ​ |  | 5,345,947 | ​ |  | 5,666,466
​ | ​ | ​ | ​ | ​ | ​ | ​
Commercial | ​ |  |  | ​ |  |
Note payable, FSB (2) | ​ |  | 5,632,161 | ​ |  | 5,815,381
Note payable, Avail Transaction (7) | ​ |  | 333,333 | ​ |  | 833,333
​ | ​ | ​ | ​ | ​ | ​ | ​
Sub-total | ​ |  | 5,965,494 | ​ |  | 6,648,714
​ | ​ | ​ | ​ | ​ | ​ | ​
Corporate | ​ |  |  | ​ |  |
Line of credit, FSB (8) | ​ |  | — | ​ |  | —
Note payable, TBT (9) | ​ |  | 2,530,344 | ​ |  | 2,618,311
​ | ​ | ​ | ​ | ​ | ​ | ​
Sub-total | ​ |  | 2,530,344 | ​ |  | 2,618,311
​ | ​ | ​ | ​ | ​ | ​ | ​
Total | ​ |  | 13,841,785 | ​ |  | 14,933,491
​ | ​ | ​ | ​ | ​ | ​ | ​
Less: current portion | ​ |  | (971,603) | ​ |  | (1,361,443)
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | $ | 12,870,182 | ​ | $ | 13,572,048
Schedule of maturities of long-term debt of Principal Payments | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | 2024 |  | 2025 |  | 2026 |  | 2027 |  | 2028 |  | Thereafter
Consumer |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Note payable, FSB (1) | ​ | 29,235 |  | ​ | 112,154 |  | ​ | 2,342,464 |  | ​ | — |  | ​ | — |  | ​ | —
Note payable, Truist Bank (3) | ​ | 9,485 |  | ​ | 38,745 |  | ​ | 40,203 |  | ​ | 41,716 |  | ​ | 43,216 |  | ​ | 637,294
Notes payable, TBT (4,5) | ​ | 21,705 |  | ​ | 487,261 |  | ​ | 71,359 |  | ​ | 74,081 |  | ​ | 76,767 |  | ​ | 1,270,262
Note payable, Kretchmer Transaction (6) | ​ | 6,250 |  | ​ | 25,000 |  | ​ | 18,750 |  | ​ | — |  | ​ | — |  | ​ | —
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Sub-total | ​ | 66,675 |  | ​ | 663,160 |  | ​ | 2,472,776 |  | ​ | 115,797 |  | ​ | 119,983 |  | ​ | 1,907,556
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Commercial | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Note payable, FSB (2) | ​ | 62,990 |  | ​ | 254,466 |  | ​ | 5,314,705 |  | ​ | — |  | ​ | — |  | ​ | —
Note payable, Avail Transaction (7) | ​ | 166,666 |  | ​ | 166,667 |  | ​ | — |  | ​ | — |  | ​ | — |  | ​ | —
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Sub-total | ​ | 229,656 |  | ​ | 421,133 |  | ​ | 5,314,705 |  | ​ | — |  | ​ | — |  | ​ | —
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Corporate | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Line of Credit, FSB (8) | ​ | — |  | ​ | — |  | ​ | — |  | ​ | — |  | ​ | — |  | ​ | —
Note payable, TBT (9) | ​ | 29,953 |  | ​ | 2,500,391 |  | ​ | — |  | ​ | — |  | ​ | — |  | ​ | —
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Sub-total | ​ | 29,953 |  | ​ | 2,500,391 |  | ​ | — |  | ​ | — |  | ​ | — |  | ​ | —
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | $ | 326,284 | ​ | $ | 3,584,684 | ​ | $ | 7,787,481 | ​ | $ | 115,797 | ​ | $ | 119,983 | ​ | $ | 1,907,556
(1) | On November 23, 2021, the consumer segment entered into a $2.781 million secured amortizing note payable with Farmer’s State Bank of Oakley, Kansas (“FSB”). The note payable bears interest at 3.10% and matures on November 15, 2026.
(2) | On November 23, 2021, the commercial segment entered into a $6.309 million secured amortizing note payable with FSB. The note payable bears interest at 3.10% and matures on November 15, 2026.
(3) | On July 9, 2020, the consumer segment entered into a $9 56 thousand secured amortizing note payable with Truist Bank. The note payable bears interest at 3.65% and matures on July 9, 2030.
(4) | On September 14, 2020, the consumer segment entered into a $4 96 thousand secured amortizing note payable with Texas Bank & Trust (“TBT”). The note payable bears interest at 3.75% and matures on September 14, 2025.
(5) | On July 30, 2021, the consumer segment entered into a $1.772 million secured amortizing note payable with TBT. The note payable bears interest at 3.75% and matures on July 30, 2031.
(6) | On September 12, 2024, the consumer segment entered into a $50 thousand secured amortizing note payable in relation to the Kretchmer Transaction. The repayment of the note payable shall begin upon the fulfillment of certain terms and conditions under the new asset purchase agreement entered into on September 12, 2024. The note payable’s imputed interest is 3.10% and matures on September 30, 2026.
(7) | On October 29, 2021, the consumer segment entered into a $2.000 million secured amortizing note payable in relation to the acquisition of Avail Recovery Solutions, LLC on October 29, 2021 (“Avail Transaction”). The note payable’s imputed interest is 3.10% and matures on January 1, 2025.
(8) | On November 23, 2021, the Company entered into a $3.500 million secured line of credit with FSB. The line of credit bears interest at 3.10% and matures on November 23, 2024. This note was previously presented within our commercial segment and is now presented within corporate as the line of credit provides borrowing capacity for all segments. See Note 18 – Subsequent Events for further details.
(9) | On November 4, 2020, a wholly owned subsidiary of Envela entered into a $2.960 million secured amortizing note payable with TBT. The note payable bears interest at 3.25% and matures on November 3, 2025.
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Scheduled |  |  | ​ |  |  | ​
​ | ​ | Principal | ​ | Loan | ​ | ​ | ​
Scheduled Principal Payments and Maturities by Year |  | Payments |  | Maturities |  | Total
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
2024 |  | ​ | 326,284 |  | ​ | — |  | ​ | 326,284
2025 |  | ​ | 792,282 |  | ​ | 2,792,402 |  | ​ | 3,584,684
2026 |  | ​ | 476,241 |  | ​ | 7,311,240 |  | ​ | 7,787,481
2027 |  | ​ | 115,797 |  | ​ | — |  | ​ | 115,797
2028 |  | ​ | 119,983 |  | ​ | — |  | ​ | 119,983
Thereafter |  | ​ | 297,332 |  | ​ | 1,610,224 |  | ​ | 1,907,556
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | $ | 2,127,919 | ​ | $ | 11,713,866 | ​ | $ | 13,841,785
​

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