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Notes Payable (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2024
Debt Disclosure [Abstract] |
Schedule of Debt Obligations | Our debt obligations were as follows:
|  | Interest |  | March 31, |  |  | December 31, |
|  | Rate (1) |  | 2024 |  |  | 2023 |
|  |  |  | (Unaudited) |  |  |  |
Monroe Term Loan (2) |  | 12.44% |  | $ | 53,345,156 |  |  | $ | 53,500,656 |
PNC ABL Facility (3) |  | 7.73% |  |  | 17,480,269 |  |  |  | 13,245,489 |
Green Remedies Promissory Note (4) |  | 3.00% |  |  | 966,907 |  |  |  | 1,101,120 |
Total notes payable |  |  |  |  | 71,792,332 |  |  |  | 67,847,265 |
Less: Current portion of long-term debt |  |  |  |  | (1,158,800 | ) |  |  | (1,158,800 | )
Less: Unamortized debt issuance costs |  |  |  |  | (1,559,178 | ) |  |  | (1,345,339 | )
Less: Unamortized OID |  |  |  |  | (160,080 | ) |  |  | (185,793 | )
Less: Unamortized OID warrant |  |  |  |  | (447,415 | ) |  |  | (519,153 | )
Notes payable, net |  |  |  | $ | 68,466,859 |  |  | $ | 64,638,180 |
(1) Interest rates as of March 31, 2024 |  |  |  |  |  |
(2) Bears interest based on SOFR plus Applicable Margin ranging from 5.5% to 7.5% |
(3) Bears interest based on Term SOFR plus a margin of 2.25% |  |  |  |  |  |
(4) Stated interest rate of 3.0% |  |  |  |  |  |
Schedule of Changes in Debt Issuance Costs | The table below summarizes changes in debt issuance costs.
|  |  |  | March 31, |
|  |  |  | 2024 |
Debt issuance costs, net of accumulated amortization |  |  |  |  |
Balance at December 31, 2023 |  |  |  | $ | 1,345,339 |
Financing costs deferred |  |  |  |  | 406,847 |
Less: Amortization expense |  |  |  |  | (193,008 | )
Balance at March 31, 2024 (Unaudited) |  |  |  | $ | 1,559,178 |

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- Definition Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation. + References No definition available. + Details
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