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Notes Payable | 9 Months Ended
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Sep. 30, 2024
Debt Disclosure [Abstract] |
Notes Payable | Line of Credit On November 1, 2022, the Company entered into a credit agreement (as amended, the “Credit Agreement”) with two banks, with one bank in the capacity as a lender and the administrative agent (collectively with the other lender, the “Lenders”). The Credit Agreement provides for a revolving credit facility in the initial aggregate principal amount of $90,000,000 (the “Revolving Facility”). The Revolving Facility includes the ability for the Company to request an increase to the commitment by an additional amount of up to $50,000,000, though no Lender (nor the Lenders collectively) is obligated to increase its respective commitments. Borrowings under the Revolving Facility bear interest at a per annum rate equal to: (i) at the Company’s option, (x) the base rate or (y) the adjusted term SOFR rate, plus (ii) the applicable margin. The applicable margins are based on the Company’s consolidated net leverage ratio, adjusted on a quarterly basis. The initial applicable margins are 1.25% for an adjusted term SOFR loan and 0.25% for a base rate loan and will be updated based on the Company’s consolidated net leverage ratio. The Revolving Facility matures on November 1, 2027, the five-year anniversary of the closing date. The Revolving Facility is secured by a first-priority lien on substantially all of the Company’s present and future personal assets and intangible assets. The Revolving Facility is subject to certain financial covenants such as a net leverage ratio and interest coverage ratio, as defined in the Credit Agreement. As of December 31, 2023, there was a $25,000,000 outstanding balance on the Revolving Facility. The Company drew down an additional $15,000,000 on February 8, 2024 under the Revolving Facility. On February 27, 2024, the Company paid the $40,000,000 Revolving Facility balance. On March 4, 2024, the Company drew down $15,000,000 and made an additional $15,000,000 draw on March 18, 2024. As of September 30, 2024, the outstanding balance of the Revolving Facility was $30,000,000 and the unused portion of the Revolving Facility was $60,000,000. The Company incurred $587,721 and $0 in interest charges relating to its Revolving Facility for the three months ended September 30, 2024 and 2023, respectively, and $1,625,408 and $0 for the nine months ended September 30, 2024 and 2023, respectively, which is reflected in interest (expense) income on the Company’s unaudited Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). Standby Letter of Credit On October 20, 2023, the Company obtained an unconditional and irrevocable letter of credit from a financial institution in the amount of $1,080,000. The letter of credit expires on the one-year anniversary of the closing date, or October 20, 2024, and is renewed automatically for successive one-year periods, unless earlier terminated by the institution. As of September 30, 2024, no am ounts had been drawn. Notes Payable The Company has various loans with finance companies with monthly installments aggregating $2,325, inclusive of interest ranging from 2.5% through 4.8%. The loan notes mature at various times through 2026 and are secured by transportation equipment. The following table summarizes the Company’s notes payable:
| September 30, 2024 |  | December 31, 2023
Equipment and financing loans payable, between 2.5% and 4.8% interest and maturing between May 2026 and August 2026 | $ | 47,710 |  |  | $ | 69,717 |
Total notes payable | 47,710 |  |  | 69,717 |
Less: current portion of notes payable | 26,374 |  |  | 28,131 |
Total non-current portion of notes payable | $ | 21,336 |  |  | $ | 41,586 |
Interest expense was $484 and $48,794 for the three months ended September 30, 2024 and 2023, respectively. Interest expense was $1,912 and $110,203 for the nine months ended September 30, 2024 and 2023, respectively. Future minimum annual maturities of notes payable as of September 30, 2024 are as follows:
| Notes Payable
2024, remaining | $ | 6,536 |
2025 | 26,531 |
2026 | 14,643 |
Total maturities | 47,710 |
Current portion of notes payable | (26,374) |
Long-term portion of notes payable | $ | 21,336 |

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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 470 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-6 Reference 2: 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