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Debt (Tables) | 9 Months Ended
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Sep. 30, 2024
Debt Disclosure [Abstract] |
Schedule of Debt Breakdown | The table below provides a breakdown of the Company’s recognized debt:
| September 30, 2024 |  | December 31, 2023
Revolver | $ | 42,778,061 |  |  | $ | 85,092,695 |
Term note | — |  |  | 34,223,489 |
Seller notes | — |  |  | 7,875,000 |
Earnout notes | — |  |  | 8,366,915 |
Earnout notes – related party | — |  |  | 5,127,218 |
Credit Agreement | 1,950,000 |  |  | — |
Promissory Note | 1,375,000 |  |  | — |
Merger Note – related party | 35,000,000 |  |  | — |
Less: unamortized debt issuance costs | (293,478) |  |  | (1,785,114) |
Total debt | $ | 80,809,583 |  |  | $ | 138,900,203 |
Current portion | $ | 44,153,061 |  |  | $ | 138,900,203 |
Non-current portion | $ | 36,656,522 |  |  | $ | — |
Schedule of Borrowings Under Revolver | Applicable Margins for each loan type under the original facility are as follows:
Average Availability |  | SOFR Revolving Credit Loans |  | Base Rate Revolving Credit Loans |  | SOFR FILO Loans |  | Base Rate FILO Loans
Greater than $83,333,333.33 |  | 1.75 | % |  | 0.75 | % |  | 2.75 | % |  | 1.75 | %
Greater than $41,666,666.66 but less than or equal to $83,333,333.33 |  | 2.00 | % |  | 1.00 | % |  | 3.00 | % |  | 2.00 | %
Less than $41,666,666.66 |  | 2.25 | % |  | 1.25 | % |  | 3.25 | % |  | 2.25 | %
The Third Amendment to the Revolver increased the applicable margin thresholds for various products as follows:
Average Availability |  | SOFR Revolving Credit Loans |  | Base Rate Revolving Credit Loans |  | SOFR FILO Loans |  | Base Rate FILO Loans
Greater than $83,333,333.33 |  | 2.25 | % |  | 1.25 | % |  | 3.25 | % |  | 2.25 | %
Greater than $41,666,666.66 but less than or equal to $83,333,333.33 |  | 2.50 | % |  | 1.50 | % |  | 3.50 | % |  | 2.50 | %
Less than $41,666,666.66 |  | 2.75 | % |  | 1.75 | % |  | 3.75 | % |  | 2.75 | %
Schedule of Future Minimum Principal Payments on Company’s Outstanding Debt | Subsequent to the executed amendments of the Company’s debt obligations described herein, the future minimum principal payments on the Company’s outstanding debt are as follows:
| As of September 30, 2024
Remainder of 2024 | $ | — |
2025 | 44,153,061 |
2026 | 36,950,000 |
2027 | — |
2028 | — |
Thereafter | — |
Total | $ | 81,103,061 |

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