| Debt |
Note 7 Debt
As of June 30, 2025, the Company had $5.8 million
in long-term debt, with $2.9 million payable within 12 months. A summary of the Company’s long-term debt is as follows
in (“000’s”):
| | | June 30,
2025 | | | December 31,
2024 | | | Long-term Debt | | | | | | | | Note payable to BP Peptides, LLC “Brookstone”. The unsecured loan bears interest at 6% per annum, with interest earned quarterly and the amended maturity date is June 30, 2026. As of June 30, 2025 and December 31, 2024, the balance includes $137.0 thousand and $116.0 thousand of accrued interest, respectively. | | $ | 837 | | | $ | 817 | | | Mezzanine term loan to Stream Finance, LLC, collateralized by substantially
all of TotalStone’s assets and subordinated to the Bank term notes. Interest is calculated monthly as the Base Rate divided by an
Adjustment Factor of 0.75, not to exceed 15% per annum (see further details below), with a maturity date of September 30, 2026. On
March 7, 2025, the Special Preferred Membership Interests were exchanged for loans in an aggregate principal of $1,143,646 and an amendment
fee of $695,000 payable on the deferral date of September 30, 2027 which are included in this amount. At June 30, 2025
and December 31, 2024, $372.0 thousand and $243.0 thousand of accrued interest remains unpaid and is included within this amount, respectively. | | | 3,536 | | | | 1,558 | | | Seller’s note with Avelina Masonry, LLC, which required monthly payments of $48.0 thousand. The original maturity date was November 13, 2022 but the loan has not been paid in full and is in default. The loan bears interest at one-month SOFR plus 4.5% plus 3.0% default (11.94% and 12.14% at March 31, 2025 and December 31, 2024, respectively. At June 30, 2025 and December 31, 2024, $222.0 thousand and $165.0 thousand of accrued interest remains unpaid and is included within this amount, respectively. | | | 989 | | | | 932 | | | Term note agreement with Berkshire Bank, due in 48 consecutive monthly payments of $83.0 thousand. The term note was paid in full on March 10, 2025. The loan was secured by all assets of TotalStone. Interest was charged at the one- month SOFR plus 3.5% (8.19% at December 31, 2024). | | | — | | | | 910 | | | In December 2022, TotalStone sold its facility in Navarre, Ohio to a nonaffiliated third party for a purchase price of $3.2 million and concurrently entered into a leaseback transaction. The transaction is treated as a failed sale in accordance with U.S. GAAP. The Company therefore recorded a financing liability related to the sale-leaseback in the amount of the sale price. The obligation matures in January 2048 and requires monthly payments of principal and interest. With the sale leaseback, TotalStone signed a lease agreement with a 25-year lease term. The initial annual lease payment of $259.0 thousand increases 2% per annum. The imputed interest rate is 8.10%. | | | 3,168 | | | | 3,174 | | | Unsecured promissory note with Brookstone plus accrued interest to acquire a minority interest in DPH. Interest accrues at 6% per annum and the maturity date is June 30, 2026. At June 30, 2025 and December 31, 2024 $277.0 thousand and $253.0 thousand of accrued interest remains unpaid and is included within this amount, respectively. | | | 1,077 | | | | 1,053 | | | | | | 9,607 | | | | 8,444 | | | Less: current portion | | | (2,910 | ) | | | (1,855 | ) | | Less unamortized loan origination fees | | | (870 | ) | | | (266 | ) | | Total Long-term debt | | $ | 5,827 | | | $ | 6,323 | | Scheduled maturities of long-term as of June 30,
2025, are as follows:
| 2025 | |
$ | 2,910 | |
| 2026 | |
| 3,555 | |
| 2027 | |
| 27 | |
| 2028 | |
| 35 | |
| 2029 | |
| 44 | |
| Thereafter | |
| 3,036 | |
| Total | |
$ | 9,607 | |
|