Revolving Credit Facility (Tables)
|
9 Months Ended |
Sep. 30, 2026 |
|---|
| Debt Disclosure [Abstract] |
|
| Summary of the revolving credit facility activity |
A summary of the revolving credit facility activity is as follows:
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|
|
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|
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|
September 30, |
|
|
December 31, |
|
|
|
2026 |
|
|
2025 |
|
Drawdowns |
|
$ |
9,200,000 |
|
|
$ |
- |
|
Contractual interest |
|
|
205,611 |
|
|
|
- |
|
1.5% accrued annual cash facility fee |
|
|
339,583 |
|
|
|
- |
|
Less: Payments |
|
|
(205,611 |
) |
|
|
- |
|
Less: Current portion of contractual interest and annual facility fee |
|
|
(339,583 |
) |
|
|
- |
|
Revolving credit facility |
|
$ |
9,200,000 |
|
|
$ |
- |
|
|
| Summary of the debt issuance cost |
A summary of the debt issuance costs activity is as follows:
|
|
|
|
|
|
|
|
|
|
|
September 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 |
|
|
(674,948 |
) |
|
|
- |
|
Revolving credit facility debt issuance costs, net |
|
$ |
6,918,225 |
|
|
$ |
- |
|
|
| Schedule of Interest Expense Related to Revolving Credit Facility |
The following table details interest expense related to the revolving credit facility.
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Three months ended September 30 |
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|
Nine months ended September 30 |
|
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
Amortization of debt issuance costs |
|
$ |
379,659 |
|
|
$ |
- |
|
|
$ |
674,948 |
|
|
$ |
- |
|
Annual cash facility fee |
|
|
191,666 |
|
|
|
- |
|
|
|
339,583 |
|
|
|
- |
|
Contractual interest expense |
|
|
181,184 |
|
|
|
- |
|
|
|
205,611 |
|
|
|
- |
|
Total interest expense |
|
$ |
752,509 |
|
|
$ |
- |
|
|
$ |
1,220,142 |
|
|
$ |
- |
|
|
| 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:
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Amounts |
|
|
|
Principal |
|
|
Contractual
Interest |
|
|
Facility Fee |
|
Year ending December 31, 2026 (3 months) |
|
$ |
- |
|
|
$ |
278,268 |
|
|
$ |
- |
|
Year ending December 31, 2027 |
|
|
- |
|
|
|
1,104,000 |
|
|
|
760,417 |
|
Year ending December 31, 2028 |
|
|
- |
|
|
|
1,107,025 |
|
|
|
762,500 |
|
Year ending December 31, 2029 |
|
|
- |
|
|
|
1,104,000 |
|
|
|
760,417 |
|
Year ending December 31, 2030 |
|
|
- |
|
|
|
1,104,000 |
|
|
|
760,417 |
|
Year ending December 31, 2031 |
|
|
9,200,000 |
|
|
|
332,712 |
|
|
|
760,417 |
|
|
|
$ |
9,200,000 |
|
|
$ |
5,030,005 |
|
|
$ |
3,804,168 |
|
|