Long-Term Debt and Borrowing Arrangements |
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| Long-Term Debt and Borrowing Arrangements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Long-term debt and borrowing arrangements | 8. Long-term debt and borrowing arrangements Indebtedness consisted of:
The Company's debt is carried at amortized cost. Fair values are estimated based on quoted market prices for similar instruments.
The estimated fair value of the €7 million term loan, the $14.77 million term loan and the $15 million revolving credit arrangement as of June 30, 2025 was $2.8 million, $12 million and $11.1 million, respectively. The Company considers its debt to be Level 2 in the fair value hierarchy.
The estimated fair value of the €7 million term loan, the $14.77 million term loan and the $15 million revolving credit arrangement as of December 31, 2024 was $3.1 million, $12.0 million, and $11.4 million, respectively. The Company considers its debt to be Level 2 in the fair value hierarchy. As of June 30, 2025, the remaining commitment available under the Company’s related party revolving credit arrangements was as follows:
$15 million revolving credit arrangement The Company has a revolving credit arrangement with Infinite Acquisitions Partners LLC (“Infinite Acquisitions”) for $15.0 million. The arrangement matures on September 30, 2034 and has a variable interest rate of the three-month Secured Overnight Financing Rate on the first day of the applicable quarter plus 2.75%. €1.5 million term loan In April 2020, the Company entered into a six-year €1.5 million Institute of Official Credit (ICO) term loan with a Spanish bank, with a fixed interest rate of 1.70% and maturity date in April 2026. The loan was interest only for the first twelve months, thereafter principal and interest is payable monthly in arrears. €7 million term loan In March 2019, the Company entered into an eight-year €7 million term loan with a Spanish bank, with a variable interest rate at six-month Euribor plus 2.00%. The loan was interest only for the first eighteen months, thereafter principal and interest was payable monthly in arrears. The loan is collateralized by the Company’s investment in PDP and matures in April 2027. $1.25 million term loan Falcon's Opco has a one-year $1.25 million term loan with FAST Sponsor II, LLC (“FAST II Sponsor”). The loan bears a fixed interest rate at 11.75% per annum. Interest and principal payments were due May 16, 2025. The loan also required an additional payment of $0.5 million if the loan is not paid off by the due date. As of June 30, 2025, we have accrued interest and the additional $0.5 million commitment in interest expense included in the unaudited condensed consolidated statements of operations and comprehensive income. See Note 12 – Commitments and contingencies. $7.22 million term loan Falcon's Opco has a one-year $7.22 million term loan with FAST II Sponsor for $6.3 million and with Katmandu Ventures, LLC (“Katmandu Ventures”) for $0.9 million. The loan bears a fixed interest rate at 11.75% per annum. Interest and principal payments were due May 16, 2025. As of June 30, 2025, we have accrued interest in interest expense included in the unaudited condensed consolidated statements of operations and comprehensive income. See Note 12 – Commitments and contingencies. $14.77 million term loan The Company has a ten-year $14.77 million term loan with Infinite Acquisitions. The loan matures on September 30, 2034 and bears a fixed interest rate at 8.00% per annum. Payments are interest only through September 2029, thereafter, principal and interest is payable quarterly in arrears. |
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