SUBORDINATED PROMISSORY NOTES - RELATED PARTY |
6 Months Ended |
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Mar. 31, 2026 | |
| SUBORDINATED PROMISSORY NOTES - RELATED PARTY [Abstract] | |
| SUBORDINATED PROMISSORY NOTES - RELATED PARTY |
7.
SUBORDINATED PROMISSORY NOTES - RELATED PARTY
Janel is the obligor on four fixed 4% subordinated promissory notes totaling $6,000 in the aggregate (together, the “ELFS Subordinated Promissory Notes”), payable to certain former shareholders of Expedited Logistics and Freight Services, LLC (“ELFS”), in connection with the Company’s business combination whereby it acquired all the membership interest of ELFS and its related subsidiaries. All of the ELFS Subordinated Promissory Notes, as subsequently amended, are guaranteed by the Company and are subordinate to and junior in right of payment for principal, interest, premiums and other amounts payable to the 2025 Credit Facility. The ELFS Subordinated Promissory Notes are payable in quarterly installments of principal together with accrued interest through July 2028.
As of September 30, 2025, the amount outstanding under the ELFS Subordinated Promissory Notes was $2,940, of which $1,174 was included in the current portion of subordinated promissory notes and $1,766 was included in the long-term portion of subordinated promissory notes.
As of March 31, 2026, the gross amount outstanding under the ELFS Subordinated Promissory Notes was $2,450, of which $1,174 was included in the current portion of subordinated promissory notes and $1,276 was included in the long-term portion of subordinated promissory notes.
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