XML 37 R27.htm IDEA: XBRL DOCUMENT
v3.25.0.1

Debt (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2024
Debt Disclosure [Abstract] |
Schedule of Debt | The following table is a summary of the Company’s unsecured notes payable outstanding as of:
|  | Coupon Rate |  | Effective Rate (1) |  | Maturity Date |  | December 31, 2024 |  | December 31, 2023
7.00% Senior Notes Due 2026 (2) |  | 7.00 | % |  | 10.41 | % |  | 3/31/2026 |  | 38,375,000 |  |  | 38,375,000 |
Unamortized purchase discount (2) |  |  |  |  |  |  |  | (1,853,316) |  |  | (3,161,457) |
Unsecured notes payable, net |  |  |  |  |  |  |  | $ | 36,521,684 |  |  | $ | 35,213,543 |
_______________ (1)Includes purchase discount that is amortized to interest expense over the remaining life of the notes. (2)In connection with the Merger, Terra LLC assumed all the obligations under the 7.00% Senior Notes and recorded a purchase discount of $4.6 million, representing the difference between the carrying value and the fair value of the notes on the date of the merger. The following table is a summary of the Company’s obligations under the Credit Agreement as of December 31, 2023. There was no such loan outstanding as of December 31, 2024.
|  | December 31, 2023
|  | Maturity |  | Coupon Rate |  | Principal Amount
Term loan payable |  | 3/31/2024 |  | 12.48 | % |  | $ | 15,000,000 |
Unamortized deferred financing cost |  |  |  |  |  | (51,396) |
Unsecured notes payable, net |  |  |  |  |  | $ | 14,948,604 |
Schedule of Debt Maturity | Scheduled debt principal payments for each of the five calendar years following December 31, 2024 are as follows:
Years Ending December 31, |  | Total
2025 |  | $ | — |
2026 |  | 38,375,000 |
2027 |  | — |
2028 |  | — |
2029 |  | — |
Thereafter |  | — |
|  | 38,375,000 |
Unamortized purchase discount |  | (1,853,316) |
Total |  | $ | 36,521,684 |

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_ScheduleOfDebtTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of maturity and sinking fund requirement for long-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -SubTopic 10 -Topic 470 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-1 + Details
Name: | us-gaap_ScheduleOfMaturitiesOfLongTermDebtTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration