XML 50 R38.htm IDEA: XBRL DOCUMENT v3.25.2
Credit Agreement (Details narrative) - USD ($)
 1 Months Ended 6 Months Ended
Feb. 28, 2025
Jun. 25, 2024
Mar. 20, 2023
Jun. 30, 2025
Description of credit agreement     (i) term loan facility in an aggregate principal amount of $20 million (the “Term Loan”), and (ii) revolving line of credit in an up to aggregate principal amount of $5 million (the “Revolving LOC”), subject to an 85% limit based on the current eligible accounts receivable (as defined in the Credit Agreement) the per annum interest rate of the Term Loan is variable based on the one-month secured overnight financing rate (“SOFR”) plus 2.35%, subject to a minimum SOFR of 2.00%. However, the Term Loan issued on the Closing Date has a per annum interest rate of 6.217%, which was fixed with respect to the entire principal amount as a result of an interest rate swap agreement entered into between the Company and Pinnacle on the Closing Date in accordance with the terms of the Credit Agreement
Aggregate principal amount for credit facility reduced   $ 1,500,000    
Proceed from credit agreement     $ 25,000,000  
Interest rate   2.05%   6.37%
Termination of unsecured line of credit   $ 3,000,000    
Third Modification to Credit Agreement        
Description of credit agreement (i) to pay down the current principal balance of the Term Loan (as defined in the Credit Agreement) by $12,000,000 as of the closing of the Purchased Assets transaction such that the current principal balance was reduced from $15,333,333 to $3,333,333; (ii) beginning on March 1, 2025, to reduce the monthly principal payments due by the Company to Pinnacle under the Term Loan from $333,333 to $72,464; (iii) to amend the financial covenants set forth in the Credit Agreement, as amended; and (iv) to release the Liens (as defined in the Credit Agreement) relating to the Purchased Assets