Revolving Credit Facility (Tables)
|
6 Months Ended |
Jun. 30, 2026 |
|---|
| Debt Disclosure [Abstract] |
|
| Summary of the revolving credit facility activity |
A summary of the revolving credit facility activity is as follows:
|
|
|
|
|
|
|
|
|
|
|
June 30, |
|
|
December 31, |
|
|
|
2026 |
|
|
2025 |
|
Drawdowns |
|
$ |
3,600,000 |
|
|
$ |
- |
|
Contractual interest |
|
|
24,427 |
|
|
|
- |
|
1.5% accrued annual cash facility fee |
|
|
147,917 |
|
|
|
- |
|
Less: Payments |
|
|
- |
|
|
|
- |
|
Less: Current portion of contractual interest and annual facility fee |
|
|
(172,344 |
) |
|
|
- |
|
Revolving credit facility |
|
$ |
3,600,000 |
|
|
$ |
- |
|
|
| Summary of the debt issuance cost |
A summary of the debt issuance costs activity is as follows:
|
|
|
|
|
|
|
|
|
|
|
June 30, |
|
|
December 31, |
|
|
|
2026 |
|
|
2025 |
|
Transaction costs |
|
$ |
396,267 |
|
|
$ |
- |
|
Warrant amendment agreements modification at incremental fair value |
|
|
2,196,906 |
|
|
|
- |
|
One-time commitment fee letter to be paid in shares |
|
|
5,000,000 |
|
|
|
- |
|
Less: Amortization of debt issuance costs |
|
|
(295,290 |
) |
|
|
- |
|
Revolving credit facility debt issuance costs, net |
|
$ |
7,297,883 |
|
|
$ |
- |
|
|
| Schedule of Interest Expense Related to Revolving Credit Facility |
The following table details interest expense related to the revolving credit facility.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended June 30 |
|
|
Six months ended June 30 |
|
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
Amortization of debt issuance costs |
|
$ |
295,290 |
|
|
$ |
- |
|
|
$ |
295,290 |
|
|
$ |
- |
|
Annual cash facility fee |
|
|
147,917 |
|
|
|
- |
|
|
|
147,917 |
|
|
|
- |
|
Contractual interest expense |
|
|
24,427 |
|
|
|
- |
|
|
|
24,427 |
|
|
|
- |
|
Total interest expense |
|
$ |
467,634 |
|
|
$ |
- |
|
|
$ |
467,634 |
|
|
$ |
- |
|
|
| Schedule of Future Principal Contractual Interest and Facility Fee Payments on the Parkview Credit Facility |
Future principal, contractual interest, and facility fee payments on the Parkview Credit Facility are due as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts |
|
|
|
Principal |
|
|
Contractual
Interest |
|
|
Facility Fee |
|
Year ending December 31, 2026 (6 months) |
|
$ |
- |
|
|
$ |
242,202 |
|
|
$ |
- |
|
Year ending December 31, 2027 |
|
|
- |
|
|
|
432,000 |
|
|
|
760,417 |
|
Year ending December 31, 2028 |
|
|
- |
|
|
|
433,184 |
|
|
|
762,500 |
|
Year ending December 31, 2029 |
|
|
- |
|
|
|
432,000 |
|
|
|
760,417 |
|
Year ending December 31, 2030 |
|
|
- |
|
|
|
432,000 |
|
|
|
760,417 |
|
Year ending December 31, 2031 |
|
|
3,600,000 |
|
|
|
130,192 |
|
|
|
760,417 |
|
|
|
$ |
3,600,000 |
|
|
$ |
2,101,578 |
|
|
$ |
3,804,168 |
|
|