| Long-term debt |
Note 10 — Long-term debt | | | June 30,
2026 | | | December 31,
2025 | | | Equipment and vehicle notes payable to financial institutions, requiring monthly principal and interest payments totaling $1,493,284. The notes bear interest ranging from 3.85% to 10.77%, mature between August 2026 and November 2031, and are secured by the Company’s transportation equipment and vehicles | | $ | 44,671,109 | | | $ | 52,595,562 | | | | | | | | | | | | | Term Debt to Pinnacle Bank, requiring principal payments of $415,255 per month commencing June 2025. The notes bear interest at SOFR (Currently 3.62%) +2.5% margin per month and mature April 2031(1) | | | 19,520,002 | | | | 22,011,534 | | | | | | 64,191,111 | | | | 74,607,096 | | | Less: unamortized debt issuance costs | | | (446,579 | ) | | | (277,051 | ) | | Less: current maturities | | | (19,162,469 | ) | | | (20,303,077 | ) | | Total long-term debt | | $ | 44,582,063 | | | $ | 54,026,968 | | | (1) | The Term Loan and Line of Credit includes financial covenants comprised of maximum leverage (debt / adjusted EBITDA) and debt service coverage ratio (total principal and interest / adjusted EBITDA), both measured quarterly. | Future maturities of long-term debt are as follows: | For the quarter ending June 30: | | | | | 2026 | | $ | 9,797,756 | | | 2027 | | | 18,253,092 | | | 2028 | | | 16,329,476 | | | 2029 | | | 13,691,967 | | | 2030 and thereafter | | | 6,118,820 | | | Total | | $ | 64,191,111 | | The Company capitalized debt issuance costs of $200,000 during the six and three month periods ended June 30, 2026. No debt issuance costs were capitalized during the corresponding periods ended June 30, 2025. The Company recorded amortization expense related to debt issuance costs of $30,470 and $37,885 in the condensed consolidated statements of operations for the six months ended June 30, 2026 and 2025, respectively, and $15,235 and $18,971 for the three months ended June 30, 2026 and 2025, respectively.
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