Notes Payable |
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| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Notes Payable | Line of Credit On November 1, 2022, the Company entered into a credit agreement with two banks, with one bank in the capacity as a lender and the administrative agent (collectively with the other lender, the “Lenders”). The credit agreement provided for a revolving credit facility in the initial aggregate principal amount of $90,000,000. The revolving facility included the ability for the Company to request an increase to the commitment by an additional amount of up to $50,000,000, though no Lender (nor the Lenders collectively) was obligated to increase its respective commitments. Borrowings under the revolving facility bore interest at a per annum rate equal to: (i) at the Company’s option, (x) the base rate or (y) the adjusted term SOFR rate, plus (ii) the applicable margin. The applicable margins were based on the Company’s consolidated net leverage ratio, adjusted on a quarterly basis. The initial applicable margins were 1.25% for an adjusted term SOFR loan and 0.25% for a base rate loan and were updated based on the Company’s consolidated net leverage ratio. The revolving facility was due to mature on November 1, 2027, the five-year anniversary of the closing date. The revolving facility was secured by a first-priority lien on substantially all of the Company’s present and future personal assets and intangible assets. The revolving facility was subject to certain financial covenants such as a net leverage ratio and interest coverage ratio, as defined in the credit agreement. As of December 31, 2024, there was a $30,000,000 outstanding balance on the revolving facility. As of June 30, 2025, the outstanding balance of the revolving facility remained at $30,000,000 and the unused portion of the revolving facility was $60,000,000. The Company incurred $441,282 and $588,588 in interest charges relating to its revolving facility for the three months ended June 30, 2025 and 2024, respectively, and $852,799 and $1,037,687 for the six months ended June 30, 2025 and 2024, respectively, which is reflected in interest expense, net on the Company’s unaudited Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income. See also Note 21. Standby Letters of Credit On October 20, 2023, the Company obtained an unconditional and irrevocable letter of credit from a financial institution in the amount of $1,080,000. The letter of credit had an initial one-year term, and is renewed automatically for successive one-year periods, unless earlier terminated by the institution. The letter of credit automatically renewed on October 20, 2024. As of June 30, 2025, no amounts had been drawn. On December 20, 2024, the Company obtained an irrevocable letter of credit from a financial institution in the amount of $133,303. The letter of credit expires on the one-year anniversary of the closing date, or December 20, 2025, and is renewed automatically for successive one-year periods, unless earlier terminated by the institution. As of June 30, 2025, no amounts had been drawn. Notes PayableThe Company has various loans with finance companies with monthly installments aggregating $1,173, inclusive of interest of 2.50%. The loan notes mature at various times through 2026 and are secured by transportation equipment. During the year ended December 31, 2024, the Company fully repaid one of its loan payables that was originally scheduled to mature in August 2026 amounting to $38,949. As of June 30, 2025 and December 31, 2024, the Company had one remaining loan payable, scheduled to mature in May 2026, with an outstanding balance of $12,592 and $17,730, respectively. The following table summarizes the Company’s notes payable:
Interest expense was $91 and $545 for the three months ended June 30, 2025 and 2024, respectively. Interest expense was $196 and $1,428 for the six months ended June 30, 2025 and 2024, respectively. Future minimum annual maturities of notes payable as of June 30, 2025 are as follows:
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