Line of Credit	3 Months Ended
Mar. 31, 2026
Line Of Credit
Line of Credit	7. Line of Credit Relationship with First Horizon Bank (“FHB”) On February 3, 2021, the Company entered into an exclusive twenty-four month loan agreement with First Horizon Bank, our senior lender, for a revolving line of credit in the amount of $35,000,000, which was immediately funded for $25,974,695 to pay off the prior line of credit. On this date, the prior line of credit was fully repaid and terminated. The Company recorded $180,350 of loan origination costs. In October 2021, the Company increased its line of credit with First Horizon Bank from $35,000,000 to $45,000,000. The Company recorded $25,771 of line of credit costs related to the credit increase. In November 2022, the Company extended the maturity on its line of credit agreement with FHB until November 30, 2025. This extension also changed the Index Rate of the line of credit from 30-Day Libor to 30-Day Secured Overnight Financing Rate (“SOFR”). The Company recorded $117,228 of line of credit costs related to this extension. In June 2025, the Company increased its line of credit with FHB from $45,000,000 to $50,000,000. In September 2025, the Company renewed its line of credit agreement with FHB until September 25, 2028. This renewal also increased the commitment amount from $50,000,000 to $75,000,000, lowered the interest rate margin from 2.55-2.96% to 2.10%, and syndicated the line of credit between two additional lenders, Flagstar Bank and Cadence Bank. The Company is unaffected operationally by the additional lenders as First Horizon Bank acts as the agent for the other lenders in the syndicated loan agreement. The Company recorded $373,011 of line of credit costs related to this extension, which is included in the line of credit balance in the consolidated balance sheet at March 31, 2026. At March 31, 2026 and December 31, 2025, the advance rate was 85% of the aggregate unpaid balance of the Company’s eligible accounts receivable. The line of credit is secured by all Company assets and is personally guaranteed by our CEO. The line of credit bears interest at 30-Day SOFR plus 2.10% per annum (5.77% and 5.97% at March 31, 2026 and December 31, 2025, respectively). As of March 31, 2026, the amount of principal outstanding on the line of credit was $54,337,407 and is reported on the consolidated balance sheet net of $310,842 of unamortized loan origination fees. As of December 31, 2025, the amount of principal outstanding on the line of credit was $49,575,004 and is reported on the consolidated balance sheet net of $341,927 of unamortized loan origination fees. Interest expense on this line of credit for the three months ended March 31, 2026 and 2025 totaled approximately $773,000 and $696,000, respectively. The Company recorded amortized loan origination fees for the three months ended March 31, 2026 and 2025 of $31,084 and $394, respectively, which is included in interest expense. Availability on this line of credit was $5,365,235 as of March 31, 2026. The Company’s agreements with FHB contain certain covenants and restrictions. Under these covenants and restrictions, all the Company’s assets are pledged to secure the line of credit, and the Company must maintain the following financial ratios: (1) adjusted tangible net worth ratio, (2) interest coverage ratio, (3) adjusted total balance sheet leverage ratio, and (4) cash collection ratio. The loan agreement also provides for certain other non-financial covenants, such as audited financial statements, notice of change of control, budget, permission for any new debt, and copies of filings with regulatory bodies. Management believes it was in compliance with the applicable debt covenants as of March 31, 2026 and December 31, 2025.

Line of Credit

3 Months Ended

Mar. 31, 2026

7. Line of Credit

Relationship with First Horizon Bank (“FHB”)

On February 3, 2021, the Company entered into an exclusive twenty-four month loan agreement with First Horizon Bank, our senior lender, for a revolving line of credit in the amount of $35,000,000, which was immediately funded for $25,974,695 to pay off the prior line of credit. On this date, the prior line of credit was fully repaid and terminated. The Company recorded $180,350 of loan origination costs. In October 2021, the Company increased its line of credit with First Horizon Bank from $35,000,000 to $45,000,000. The Company recorded $25,771 of line of credit costs related to the credit increase. In November 2022, the Company extended the maturity on its line of credit agreement with FHB until November 30, 2025. This extension also changed the Index Rate of the line of credit from 30-Day Libor to 30-Day Secured Overnight Financing Rate (“SOFR”). The Company recorded $117,228 of line of credit costs related to this extension. In June 2025, the Company increased its line of credit with FHB from $45,000,000 to $50,000,000. In September 2025, the Company

renewed its line of credit agreement with FHB until September 25, 2028. This renewal also increased the commitment amount from $50,000,000 to $75,000,000, lowered the interest rate margin from 2.55-2.96% to 2.10%, and syndicated the line of credit between two additional lenders, Flagstar Bank and Cadence Bank. The Company is unaffected operationally by the additional lenders as First Horizon Bank acts as the agent for the other lenders in the syndicated loan agreement. The Company recorded $373,011 of line of credit costs related to this extension, which is included in the line of credit balance in the consolidated balance sheet at March 31, 2026.

At March 31, 2026 and December 31, 2025, the advance rate was 85% of the aggregate unpaid balance of the Company’s eligible accounts receivable. The line of credit is secured by all Company assets and is personally guaranteed by our CEO. The line of credit bears interest at 30-Day SOFR plus 2.10% per annum (5.77% and 5.97% at March 31, 2026 and December 31, 2025, respectively). As of March 31, 2026, the amount of principal outstanding on the line of credit was $54,337,407 and is reported on the consolidated balance sheet net of $310,842 of unamortized loan origination fees. As of December 31, 2025, the amount of principal outstanding on the line of credit was $49,575,004 and is reported on the consolidated balance sheet net of $341,927 of unamortized loan origination fees. Interest expense on this line of credit for the three months ended March 31, 2026 and 2025 totaled approximately $773,000 and $696,000, respectively. The Company recorded amortized loan origination fees for the three months ended March 31, 2026 and 2025 of $31,084 and $394, respectively, which is included in interest expense. Availability on this line of credit was $5,365,235 as of March 31, 2026.

The Company’s agreements with FHB contain certain covenants and restrictions. Under these covenants and restrictions, all the Company’s assets are pledged to secure the line of credit, and the Company must maintain the following financial ratios: (1) adjusted tangible net worth ratio, (2) interest coverage ratio, (3) adjusted total balance sheet leverage ratio, and (4) cash collection ratio. The loan agreement also provides for certain other non-financial covenants, such as audited financial statements, notice of change of control, budget, permission for any new debt, and copies of filings with regulatory bodies. Management believes it was in compliance with the applicable debt covenants as of March 31, 2026 and December 31, 2025.