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Debt (Tables)

9 Months Ended

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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Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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