Debt and Warrant Liabilities (Tables)
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3 Months Ended |
Mar. 31, 2025 |
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| Debt and Warrant Liabilities |
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| Schedule of debt |
| | | | | | | | | | | Notes | | Maturities | | Effective Rate | | March 31, 2025 | | December 31, 2024 | 340 Broadway holdings | | 2026 | | 15.0 | % | $ | 1,000,000 | | $ | — | Silverback Capital Corporation | | 2026 | | 15.0 | % | | 1,000,000 | | | — | Aegus Corp | | 2024 | | 12.0 | % | | 230,000 | | | 230,000 | Azure SJBT notes | | 2024 | | 14.5 | % | | 2,275,000 | | | 2,275,000 | LAM LHA | | 2024 | | 7.8 | % | | 40,456 | | | 40,456 | Polar note | | 2025 | | 0.0 | % | | 1,250,000 | | | 1,175,000 | Seaport notes | | 2030 | | 9.0 | % | | 19,121,883 | | | 17,612,166 | Steele consolidated | | 2028 | | 9.0 | % | | 3,000,000 | | | 2,863,000 | John Redmond(other) | | 2018-2024 | | 12.0 | % | | — | | | 19,821,055 | Catalytic notes | | 2020 | | 12.0 | % | | — | | | 1,563,796 | Bay Point notes | | 2023 | | 15.0 | % | | — | | | 813,633 | Seed financing notes | | 2024 | | 12.0 | % | | — | | | 3,600,000 | Total Principal | | | | | | $ | 27,917,339 | | $ | 49,994,106 | Accrued interest (compounded) | | | | | | | 869,821 | | | 57,474,111 | Total debt | | | | | | $ | 28,787,160 | | $ | 107,468,217 | Reported as: | | | | | | | | | | | Short-term debt | | | | | | | 11,085,709 | | | 107,468,217 | Long-term debt | | | | | | | 17,701,451 | | | — | Total debt | | | | | | $ | 28,787,160 | | $ | 107,468,217 |
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| Schedule of Azure notes |
| | | | | | | | | | | | | | | | | Principal and Accrued Interest | Issuance date | | Maturities | | Interest Rate | | As of March 31, 2025 | | As of December 31, 2024 | January 1, 2021 | | March 31, 2024 | | 12.00 | % | $ | — | | $ | 1,110,178 | January 1, 2021 | | March 31, 2024 | | 12.00 | % | | — | | | 5,412,393 | October 25, 2021 | | March 31, 2024 | | 14.50 | % | | 400,000 | | | 632,888 | October 25, 2021 | | March 31, 2024 | | 14.50 | % | | 900,000 | | | 1,423,997 | October 1, 2022 | | March 31, 2024 | | 14.50 | % | | 1,118,983 | | | 1,348,478 | | | | | Total | | $ | 2,418,983 | | $ | 9,927,934 |
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| Schedule of debt with related to related party |
| | | | | | | | | | | | | | | | | | | | | As of March 31, 2025 | | As of December 31, 2024 | | | Interest | | Principal | | | | | Interest | | Principal | | | | Entity | | Payable | | Payable | | Total | | Payable | | Payable | | Total | Azure-SJBT | | $ | 143,983 | | $ | 2,275,000 | | $ | 2,418,983 | | $ | 3,095,947 | | $ | 6,831,987 | | $ | 9,927,934 | NACS, LLC | | | — | | | — | | | — | | | 25,052,756 | | | 11,493,949 | | | 36,546,705 | Assumed Notes | | | — | | | — | | | — | | | 11,092,887 | | | 3,770,119 | | | 14,863,006 | Total | | $ | 143,983 | | $ | 2,275,000 | | $ | 2,418,983 | | $ | 39,241,591 | | $ | 22,096,055 | | $ | 61,337,646 |
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| Schedule of transactions on the purchase order loans and invoice factoring arrangement |
| | | | | | As of | | | March 31, 2025 | Total invoices sold to Seaport | | $ | 364,780 | Total cash received from Seaport | | | 350,000 | Total factoring amount | | | 14,780 | | | | | Total PO loan from Seaport | | | 1,777,400 | Interest paid to Seaport | | | 177,740 | Total amount in exchange for PO loan | | | 1,955,140 | Payment to Seaport | | | (410,780) | Ending balance | | $ | 1,544,360 |
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