v3.25.2
Subsequent Events
6 Months Ended
Jun. 30, 2025
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events
Primary Care Ambulance Corporation Asset Purchase

Effective August 6, 2025, Holdings entered into an asset purchase and management service agreement to acquire certain assets and assume certain liabilities of Primary Care Ambulance Corporation, a New York corporation. The aggregate purchase price consisted of $1,600,000 in cash consideration, of which $200,000 was paid upon execution of the agreement and $1,000,000 will be paid at closing. The remaining $400,000 will be paid in two $200,000 installments on or before December 31, 2025 and on or before June 30, 2026, respectively, subject to certain conditions.

Line of Credit Paydown

On August 1, 2025, the Company repaid all amounts outstanding under the revolving facility, and no amounts are outstanding as of the date of this Quarterly Report. The total amount paid was $30,320,173, of which $30,000,000 represented the outstanding principal amount and $320,173 represented the outstanding interest.

Line of Credit Amendment

On August 7, 2025, the Company amended and restated the prior credit agreement (the “Prior Credit Agreement”) (as amended and restated, the “Credit Agreement”). The Credit Agreement provides for a revolving credit facility (“Revolving Facility”) up to an aggregate principal amount of $55,000,000 and borrowings thereunder are subject to a borrowing base formula based on eligible receivables as described therein. The Revolving Facility includes the ability for the Company to request an increase to the commitment by an additional amount of up to $20,000,000, though neither Lender nor any other lender is obligated to provide any such additional commitment. Borrowings under the Revolving Facility bear 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 margin for an adjusted term SOFR loan is 2.00% and the applicable margin for a base rate loan is 1.00%. The Revolving Facility matures on November 1, 2027, the five-year anniversary of the original closing date of the Revolving Facility. The Credit Agreement is secured by a first-priority lien on substantially all of the Company’s present and future personal assets and intangible assets. The Credit Agreement is subject to a certain minimum liquidity financial covenant, as defined in the Credit Agreement.

As of December 31, 2024, there was a $30,000,000 outstanding balance on the prior revolving facility (the “Prior Revolving Facility”). As of June 30, 2025, the outstanding balance of the Prior Revolving Facility remained at
$30,000,000, and prior to the execution of the Credit Agreement the outstanding balance of the Revolving Facility was reduced to $0.