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Debt
 12 Months Ended
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