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v3.25.1

Debt | 3 Months Ended
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Mar. 31, 2025
Debt [Abstract] |
Debt | Note 7 Debt As of March 31, 2025, the Company had $8.8 million in long-term debt, with $973.0 thousand payable within 12 months. A summary of the Company’s long-term debt is as follows in (“000’s”):
|  | March 31, 2025 |  |  | December 31, 2024 |
Long-term Debt |  |  |  |  |  |
Note payable to BP Peptides, LLC “Brookstone”. The unsecured loan bears interest at 6% per annum, with interest earned quarterly and the amended maturity date is June 30, 2026. As of March 31, 2025 and December 31, 2024, the balance includes $27.0 thousand and $17.0 thousand of accrued interest, respectively. |  | $ | 827 |  |  | $ | 817 |
Mezzanine term loan to Steam Finance, LLC, collateralized by substantially all of TotalStone’s assets and subordinated to the Bank term notes. Interest accrues at 14% per annum, with 2% paid in kind, and a maturity date of September 30, 2026. On March 7, 2025, TotalStone’s Special Preferred Membership Interests were converted to term debt in the aggregate principal amount of $1,143,646 and is included in this amount. At March 31, 2025 and December 31, 2024, $299.0 thousand and $243.0 thousand of accrued interest remains unpaid and is included within this amount, respectively. |  |  | 2,754 |  |  |  | 1,558 |
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 (11.94% and 12.14% at March 31, 2025 and December 31, 2024, respectively. At March 31, 2025 and December 31, 2024, $193.0 thousand and $165.0 thousand of accrued interest remains unpaid and is included within this amount, respectively. |  |  | 960 |  |  |  | 932 |
Term note agreement with Berkshire Bank, due in 48 consecutive monthly payments of $83.0 thousand. The term note was paid in full on March 10, 2025. The loan was secured by all assets of TotalStone. Interest was charged at the one- month SOFR plus 3.5% (8.19% at December 31, 2024). |  |  | — |  |  |  | 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%. |  |  | 3,171 |  |  |  | 3,174 |
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 March 31, 2025 and December 31, 2024 $265.0 thousand and $253.0 thousand of accrued interest remains unpaid and is included within this amount, respectively. |  |  | 1,065 |  |  |  | 1,053 |
|  |  | 8,777 |  |  |  | 8,444 |
Less: current portion |  |  | (973 | ) |  |  | (1,855 | )
Less unamortized loan origination fees |  |  | (263 | ) |  |  | (266 | )
Total Long-term debt |  | $ | 7,541 |  |  | $ | 6,323 |
Scheduled maturities of long-term as of March 31, 2025, are as follows:
2025 |  | $ | 973 |
2026 |  |  | 4,666 |
2027 |  |  | 27 |
2028 |  |  | 35 |
2029 |  |  | 44 |
Thereafter |  |  | 3,032 |
Total |  | $ | 8,777 |

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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 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 8A -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A Reference 2: http://www.xbrl.org/2003/role/disclosureRef 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