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Notes Payable (Tables)
 6 Months Ended
Jun. 30, 2024
Debt Disclosure [Abstract]  
Schedule of Debt Obligations

Our debt obligations were as follows:

 

 

 

Interest

 

June 30,

 

 

December 31,

 

 

 

Rate (1)

 

2024

 

 

2023

 

 

 

 

 

(Unaudited)

 

 

 

 

Monroe Term Loan (2)

 

12.44%

 

$

53,189,656

 

 

$

53,500,656

 

PNC ABL Facility (3)

 

7.74%

 

 

17,291,979

 

 

 

13,245,489

 

PNC Equipment Term Loan (4)

 

8.44%

 

 

2,517,080

 

 

 

—

 

Green Remedies Promissory Note (5)

 

3.00%

 

 

832,695

 

 

 

1,101,120

 

Total notes payable

 

 

 

 

73,831,410

 

 

 

67,847,265

 

Less: Current portion of long-term debt

 

 

 

 

(1,158,800

)

 

 

(1,158,800

)

Less: Unamortized debt issuance costs

 

 

 

 

(1,414,194

)

 

 

(1,345,339

)

Less: Unamortized OID

 

 

 

 

(134,368

)

 

 

(185,793

)

Less: Unamortized OID warrant

 

 

 

 

(375,677

)

 

 

(519,153

)

Notes payable, net

 

 

 

$

70,748,371

 

 

$

64,638,180

 

 

 

 

 

 

 

 

 

 

(1) Interest rates as of June 30, 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) Bears interest based on Term SOFR plus a margin of 3.0%

 

 

 

 

 

 

 

 

(5) Stated interest rate of 3.0%

 

 

 

 

 

 
Schedule of Changes in Debt Issuance Costs The table below summarizes changes in debt issuance costs.

 

 

 

 

 

June 30,

 

 

 

 

 

2024

 

 

 

 

 

 

 

Debt issuance costs, net of accumulated amortization

 

 

 

 

 

Balance at December 31, 2023

 

 

 

$

1,345,339

 

Financing costs deferred

 

 

 

 

423,070

 

Less: Amortization expense

 

 

 

 

(354,215

)

Balance at June 30, 2024 (Unaudited)

 

 

 

$

1,414,194