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Debt | 12 Months Ended
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Dec. 31, 2024
Debt [Abstract] |
Debt | Note 8 Debt As of December 31, 2024, the Company had $8.4 million in long-term debt, with $1.8 million payable within 12 months. A summary of the Company’s long-term debt is as follows in (“000’s”):
|  | December 31, 2024 |  |  | December 31, 2023 |
Long-term Debt |  |  |  |  |  |
Note payable to BP Peptides, LLC “Brookstone”. The unsecured loan bears interest at 6% per annum, with interest payable quarterly and the as amended maturity date is June 30, 2026. |  |  | 817 |  |  |  | 774 |
Mezzanine term loan to Steam Finance, LLC, collateralized by substantially all of TotalStone’s assets and subordinated to the Bank term notes. Interest is calculated monthy as the Base Rate divided by an Adjustment Factor of 0.75, not to exceed 15% per annum (see further details below), with a maturity date of September 30, 2026. At December 31, 2024 and 2023, $243.0 thousand and $81.0 thousand of accrued interest remains unpaid and is included within this amount, respectively. |  |  | 1,558 |  |  |  | 1,309 |
Seller’s note with Avelina Masonry, LLC, which required monthly payments of $48.0 thousand. The original maturity date was November 13, 2022 but the loan has not been paid in full and is in default. The loan bears interest at one-month SOFR plus 4.5% plus 3.0% default (12.14% and 12.96% at December 31, 2024 and 2023, respectively. At December 31, 2024 and 2023, $165.0 thousand and $60.0 thousand of accrued interest remains unpaid and is included within this amount, respectively. |  |  | 932 |  |  |  | 819 |
Term note agreement with Berkshire Bank, due in 48 consecutive monthly payments of $83.0 thousand. The loan matures on December 1, 2025 and is secured by all assets of TotalStone. Interest is charged at the one- month SOFR plus 3.5% (8.19% and 8.96% at December 31, 2024 and December 31, 2023, respectively). |  |  | 910 |  |  |  | 1,910 |
In December 2022, TotalStone sold its facility in Navarre, Ohio to a nonaffiliated third party for a purchase price of $3.2 million and concurrently entered into a leaseback transaction. The transaction is treated as a failed sale in accordance with U.S. GAAP. The Company therefore recorded a financing liability related to the sale-leaseback in the amount of the sale price. The obligation matures in January 2048 and requires monthly payments of principal and interest. With the sale leaseback, TotalStone signed a lease agreement with a 25-year lease term. The initial annual lease payment of $259.0 thousand increases 2% per annum. The imputed interest rate is 8.10%. |  |  | 3,174 |  |  |  | 3,181 |
Unsecured promissory note with Brookstone plus accrued interest to acquire a minority interest in DPH. Interest accrues at 6% per annum and the maturity date is June 30, 2026. At December 31, 2024 and 2023 $253.0 thousand and $214.0 thousand of accrued interest remains unpaid and is included within this amount, respectively. |  |  | 1,053 |  |  |  | 1,010 |
|  |  | 8,444 |  |  |  | 9,003 |
Less: current portion |  |  | (1,855 | ) |  |  | (3,612 | )
Less unamortized loan origination fees |  |  | (266 | ) |  |  | (277 | )
Total Long-term debt |  | $ | 6,323 |  |  | $ | 5,114 |
Mezzanine Term Loan — Stream Finance, LLC.
Table A |  | Table B
Level |  | Adjusted EBITDA of TotalStone (exclusive of Northeast) |  | Rate |  |  | Level |  | Adjusted EBITDA of TotalStone and Northeast |  | Rate |
I |  | Greater than $2,500,000 |  |  | 12 | % |  | I |  | Greater than $4,000,000 |  |  | 12 | %
II |  | Less than or equal to $2,500,000, but greater than or equal to $2,000,000 |  |  | 10 | % |  | II |  | Less than or equal to $4,000,000, but greater than or equal to $3,500,000 |  |  | 10 | %
III |  | Less than $2,000,000 |  |  | 8 | % |  | III |  | Less than $3,500,000 |  |  | 8 | %
Scheduled maturities of long-term as of December 31, 2024, are as follows:
2025 |  | $ | 1,855 |
2026 |  |  | 3,447 |
2027 |  |  | 27 |
2028 |  |  | 35 |
2029 |  |  | 44 |
Thereafter |  |  | 3,036 |
Total |  | $ | 8,444 |

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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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