Debt (Tables)
|
3 Months Ended |
12 Months Ended |
Mar. 31, 2026 |
Dec. 31, 2025 |
| Debt [Abstract] |
|
|
| Schedule of Indebtedness to Third Parties |
Indebtedness to third parties consists of the following:
|
|
|
March 31,
2026
|
|
December 31,
2025
|
|
Current Credit Facility – Revolver
|
|
$
|
19,283,000 |
|
|
$
|
17,618,000 |
|
|
Current Credit Facility – Term Loan
|
|
|
5,593,000 |
|
|
|
5,855,000 |
|
|
Solar Credit Facility
|
|
|
957,000 |
|
|
|
971,000 |
|
|
Finance lease obligations
|
|
|
726,000 |
|
|
|
784,000 |
|
|
Loans Payable – financed assets
|
|
|
3,000 |
|
|
|
5,000 |
|
|
Subtotal
|
|
|
26,562,000 |
|
|
|
25,233,000 |
|
|
Less: Current portion
|
|
|
(25,102,000 |
)
|
|
|
(23,721,000 |
)
|
|
Long-Term Portion
|
|
$
|
1,460,000 |
|
|
$
|
1,512,000 |
|
|
Indebtedness to third parties consists of the following:
|
|
|
December 31,
2025
|
|
December 31,
2024
|
|
Revolving loan to Webster Bank (“Webster”)
|
|
$
|
17,618,000 |
|
|
$
|
12,905,000 |
|
|
Term loan, Webster
|
|
|
5,855,000 |
|
|
|
5,225,000 |
|
|
CT Green Bank Loan
|
|
|
971,000 |
|
|
|
970,000 |
|
|
Finance lease obligations
|
|
|
784,000 |
|
|
|
1,007,000 |
|
|
Loans Payable – financed assets
|
|
|
5,000 |
|
|
|
14,000 |
|
|
Subtotal
|
|
|
25,233,000 |
|
|
|
20,121,000 |
|
|
Less: Current portion
|
|
|
(23,721,000 |
)
|
|
|
(18,362,000 |
)
|
|
Long Term Portion
|
|
$
|
1,512,000 |
|
|
$
|
1,759,000 |
|
|
| Schedule of Payments Due Under the Term Loan |
The below table shows the timing of payments due under the Term Loan:
|
For the year ending
|
|
Amount
|
|
December 31, 2026 (remainder of year)
|
|
$
|
5,593,000 |
|
|
Term Loan payable
|
|
|
5,593,000 |
|
|
Less: Current portion of Term Loan payable
|
|
|
(5,593,000 |
)
|
|
Total long-term portion of Term Loan payable
|
|
$
|
—
|
|
|
The below table shows the timing of payments due under the Term Loan:
|
For the year ending
|
|
Amount
|
|
December 31, 2026
|
|
$
|
5,855,000 |
|
|
Term Loan payable
|
|
|
5,855,000 |
|
|
Less: Current portion of Term Loan payable
|
|
|
(5,855,000 |
)
|
|
Total long-term portion of Term Loan payable
|
|
$
|
—
|
|
|
| Schedule of Finance Lease Obligations |
|
|
|
Three Months Ended
|
|
March 31,
2026
|
|
March 31,
2025
|
|
Finance Lease cost:
|
|
|
|
|
|
|
|
Amortization of ROU assets
|
|
$
|
49,000 |
|
$
|
49,000 |
|
Interest on lease liabilities
|
|
|
14,000 |
|
|
18,000 |
|
Total lease Costs
|
|
$
|
63,000 |
|
$
|
67,000 |
| |
|
|
|
|
|
|
|
Other Information:
|
|
|
|
|
|
|
|
Cash Paid for amounts included in the measurement lease liabilities:
|
|
|
|
|
|
|
|
Financing cash flow from finance lease obligations
|
|
$
|
58,000 |
|
$
|
54,000 |
| |
|
|
|
|
|
|
|
Supplemental disclosure of non-cash activity
|
|
|
|
|
|
|
|
Acquisition of finance lease asset
|
|
$
|
—
|
|
$
|
—
|
| | | March 31,
2026 | | December 31,
2025 | | Weighted Average Remaining Lease Term – in years | | 3.6 | | | 4.8 | | | Weighted Average Discount rate – % | | 7.43 | % | | 7.44 | % |
|
Interest expense related to the finance leases amounted to approximately $66,000 and $73,000 for the years ended December 31, 2025 and 2024, respectively
|
|
|
Year Ended
|
|
December 31,
2025
|
|
December 31,
2024
|
|
Finance Lease cost:
|
|
|
|
|
|
|
|
Amortization of ROU assets
|
|
$
|
197,000 |
|
$
|
176,000 |
|
Interest on lease liabilities
|
|
|
66,000 |
|
|
73,000 |
|
Total lease Costs
|
|
$
|
263,000 |
|
$
|
249,000 |
|
Other Information:
|
|
|
|
|
|
|
|
Cash Paid for amounts included in the measurement lease liabilities:
|
|
|
|
|
|
|
|
Financing cash flow from finance lease obligations
|
|
$
|
223,000 |
|
$
|
196,000 |
| |
|
|
|
|
|
|
|
Supplemental disclosure of non-cash activity
|
|
|
|
|
|
|
|
Acquisition of finance lease asset
|
|
$
|
—
|
|
$
|
319,000 |
| | | December 31,
2025 | | December 31,
2024 | | Weighted Average Remaining Lease Term – in years | | 4.1 | | | 4.8 | | | Weighted Average Discount rate – % | | 7.43 | % | | 7.44 | % |
|
| Schedule of Future Minimum Finance Lease Payments |
As of March 31, 2026, the aggregate future minimum finance lease payments, including imputed interest are as follows:
|
For the year ending
|
|
Amount
|
|
December 31, 2026 (remainder of year)
|
|
$
|
193,000 |
|
|
December 31, 2027
|
|
|
190,000 |
|
|
December 31, 2028
|
|
|
190,000 |
|
|
December 31, 2029
|
|
|
190,000 |
|
|
December 31, 2030
|
|
|
75,000 |
|
|
Total future minimum finance lease payments
|
|
|
838,000 |
|
|
Less: imputed interest
|
|
|
(112,000 |
)
|
|
Less: Current portion
|
|
|
(194,000 |
)
|
|
Long-term portion
|
|
$
|
532,000 |
|
|
As of December 31, 2025, the aggregate future minimum finance lease payment, including imputed interest are as follows:
|
For the year ending
|
|
Amount
|
|
December 31, 2026
|
|
$
|
266,000 |
|
|
December 31, 2027
|
|
|
190,000 |
|
|
December 31, 2028
|
|
|
190,000 |
|
|
December 31, 2029
|
|
|
190,000 |
|
|
December 31, 2030
|
|
|
74,000 |
|
|
Total future minimum finance lease payments
|
|
$
|
910,000 |
|
|
Less: imputed interest
|
|
|
(126,000 |
)
|
|
Less: Current portion
|
|
|
(215,000 |
)
|
|
Long-term portion
|
|
$
|
569,000 |
|
|
| Schedule of Annual Maturities |
Annual maturities of this loan are as follows:
|
For the year ending
|
|
Amount
|
|
December 31, 2026 (remainder of year
|
|
$
|
3,000 |
|
|
Loans Payable – financed assets
|
|
|
3,000 |
|
|
Less: Current portion
|
|
|
(3,000 |
)
|
|
Long-term portion
|
|
$
|
—
|
|
|
Annual maturities of this loan are as follows:
|
For the year ending
|
|
Amount
|
|
December 31, 2026
|
|
|
5,000 |
|
|
Loans Payable – financed assets
|
|
|
5,000 |
|
|
Less: Current portion
|
|
|
(5,000 |
)
|
|
Long-term portion
|
|
$
|
—
|
|
|
| Schedule of Related Party Notes Outstanding |
The Related Party Notes outstanding as of March 31, 2026 and December 31, 2025 consist of:
|
|
|
Michael
Taglich,
Director
|
|
Robert
Taglich,
Director
|
|
Taglich
Brothers,
Inc.
|
|
Total
|
|
Convertible Subordinated Notes
|
|
$
|
2,416,000 |
|
$
|
1,905,000 |
|
$
|
—
|
|
$
|
4,321,000 |
|
Subordinated Notes
|
|
|
—
|
|
|
550,000 |
|
|
—
|
|
|
550,000 |
|
Total
|
|
$
|
2,416,000 |
|
$
|
2,455,000 |
|
$
|
—
|
|
$
|
4,871,000 |
|
The Related Party Notes outstanding as of December 31, 2025 consists of:
|
|
|
Michael
Taglich,
Director
|
|
Robert
Taglich,
Director
|
|
Taglich
Brothers,
Inc.
|
|
Total
|
|
Convertible Subordinated Notes
|
|
$
|
2,416,000 |
|
$
|
1,905,000 |
|
$
|
—
|
|
$
|
4,321,000 |
|
Subordinated Notes
|
|
|
—
|
|
|
550,000 |
|
|
—
|
|
|
550,000 |
|
Total
|
|
$
|
2,416,000 |
|
$
|
2,455,000 |
|
$
|
—
|
|
$
|
4,871,000 |
The Related Party Notes outstanding as of December 31, 2024 consist of:
|
|
|
Michael
Taglich,
Director
|
|
Robert
Taglich,
Director
|
|
Taglich
Brothers,
Inc.
|
|
Total
|
|
Convertible Subordinated Notes
|
|
$
|
2,666,000 |
|
$
|
1,905,000 |
|
$
|
241,000 |
|
$
|
4,812,000 |
|
Subordinated Notes
|
|
|
800,000 |
|
|
550,000 |
|
|
—
|
|
|
1,350,000 |
|
Total
|
|
$
|
3,466,000 |
|
$
|
2,455,000 |
|
$
|
241,000 |
|
$
|
6,162,000 |
|