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v3.25.1

DEBT | 3 Months Ended
--- | ---
Mar. 31, 2025
DEBT |
DEBT | NOTE 13 — DEBT The following table summarizes the details of the Company’s long-term debt obligations: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Outstanding Balance
​ |  | March 31, |  | December 31,
​ |  | 2025 | ​ | 2024
Consumer |  | ​ |  |  | ​ |
Note payable, FSB (1) | ​ | $ | 2,427,076 | ​ | $ | 2,455,043
Note payable, Truist Bank (3) | ​ |  | 791,523 | ​ |  | 801,175
Notes payable, TBT (4,5) | ​ |  | 1,951,917 | ​ |  | 1,979,730
Note payable, Scottsdale Transaction (6) | ​ |  | 50,000 | ​ |  | 50,000
​ | ​ | ​ | ​ | ​ | ​ | ​
Sub-total | ​ |  | 5,220,516 | ​ |  | 5,285,948
​ | ​ | ​ | ​ | ​ | ​ | ​
Commercial | ​ |  |  | ​ |  |
Note payable, FSB (2) | ​ |  | 5,505,712 | ​ |  | 5,569,171
Note payable, Avail Transaction (7) | ​ |  | — | ​ |  | 166,667
​ | ​ | ​ | ​ | ​ | ​ | ​
Sub-total | ​ |  | 5,505,712 | ​ |  | 5,735,838
​ | ​ | ​ | ​ | ​ | ​ | ​
Corporate | ​ |  |  | ​ |  |
Line of credit, FSB (8) | ​ |  | — | ​ |  | —
Note payable, TBT (9) | ​ |  | 2,469,769 | ​ |  | 2,500,393
​ | ​ | ​ | ​ | ​ | ​ | ​
Sub-total | ​ |  | 2,469,769 | ​ |  | 2,500,393
​ | ​ | ​ | ​ | ​ | ​ | ​
Total | ​ |  | 13,195,997 | ​ |  | 13,522,179
​ | ​ | ​ | ​ | ​ | ​ | ​
Less: current portion | ​ |  | (3,399,409) | ​ |  | (3,591,351)
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | $ | 9,796,588 | ​ | $ | 9,930,828
(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 $956 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 $496 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 Scottsdale Transaction. The repayment of the note payable shall begin upon the fulfillment of certain terms and conditions under the 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 matured and was paid in full on January 1, 2025.
(8) | On November 8, 2024, the Company entered into a $3.800 million secured line of credit with FSB. The line of credit bears interest at our rate of deposit +1.00% with a floor of 3.10% and matures on November 23, 2027.
(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.
The following table depicts the Company’s future principal payments on long-term debt obligations as of March 31, 2025: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | 2025 |  | 2026 |  | 2027 |  | 2028 |  | 2029 |  | Thereafter
Consumer |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Note payable, FSB (1) | ​ | 84,595 |  | ​ | 2,342,480 |  | ​ | — |  | ​ | — |  | ​ | — |  | ​ | —
Note payable, Truist Bank (3) | ​ | 29,093 |  | ​ | 40,203 |  | ​ | 41,716 |  | ​ | 43,216 |  | ​ | 44,913 |  | ​ | 592,381
Notes payable, TBT (4,5) | ​ | 465,364 |  | ​ | 71,592 |  | ​ | 74,324 |  | ​ | 77,018 |  | ​ | 80,097 |  | ​ | 1,183,524
Note payable, Scottsdale Transaction (6) | ​ | 37,250 |  | ​ | 12,750 |  | ​ | — |  | ​ | — |  | ​ | — |  | ​ | —
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Sub-total | ​ | 616,302 |  | ​ | 2,467,025 |  | ​ | 116,040 |  | ​ | 120,234 |  | ​ | 125,010 |  | ​ | 1,775,905
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Commercial | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Note payable, FSB (2) | ​ | 191,007 |  | ​ | 5,314,705 |  | ​ | — |  | ​ | — |  | ​ | — |  | ​ | —
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Sub-total | ​ | 191,007 |  | ​ | 5,314,705 |  | ​ | — |  | ​ | — |  | ​ | — |  | ​ | —
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Corporate | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Line of credit, FSB (8) | ​ | — |  | ​ | — |  | ​ | — |  | ​ | — |  | ​ | — |  | ​ | —
Note payable, TBT (9) | ​ | 2,469,769 |  | ​ | — |  | ​ | — |  | ​ | — |  | ​ | — |  | ​ | —
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Sub-total | ​ | 2,469,769 |  | ​ | — |  | ​ | — |  | ​ | — |  | ​ | — |  | ​ | —
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | $ | 3,277,078 | ​ | $ | 7,781,730 | ​ | $ | 116,040 | ​ | $ | 120,234 | ​ | $ | 125,010 | ​ | $ | 1,775,905
​ The Company was in compliance with all of its debt obligation covenants for the three months ended March 31, 2025 and 2024. The following table depicts the Company’s future scheduled aggregate principal payments and maturities as of March 31, 2025: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Scheduled |  |  | ​ |  |  | ​
​ | ​ | Principal | ​ | Loan | ​ | ​ | ​
Scheduled Principal Payments and Maturities by Year |  | Payments |  | Maturities |  | Total
2025 |  | ​ | 484,878 |  | ​ | 2,792,200 |  | ​ | 3,277,078
2026 |  | ​ | 470,473 |  | ​ | 7,311,257 |  | ​ | 7,781,730
2027 |  | ​ | 116,040 |  | ​ | — |  | ​ | 116,040
2028 |  | ​ | 120,234 |  | ​ | — |  | ​ | 120,234
2029 |  | ​ | 125,010 |  | ​ | — |  | ​ | 125,010
Thereafter |  | ​ | 175,712 |  | ​ | 1,600,193 |  | ​ | 1,775,905
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | $ | 1,492,347 | ​ | $ | 11,703,650 | ​ | $ | 13,195,997
​

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