SUBSEQUENT EVENTS

3 Months Ended

Mar. 31, 2025

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

23. SUBSEQUENT EVENTS

On April 7, 2025, the Company completed the sale of the Packaging Business to Reichard Corrugated Products LLC and its principals pursuant to the Asset Purchase Agreement dated November 22, 2024. The total consideration includes:

● $557,835 in cash paid at closing,

● $2,500,000 million senior secured promissory note issued by the buyer,

● and potential earnout payments of up to $250,000 for each of 2025 and 2026 based on defined EBITDA thresholds.

The buyer assumed certain liabilities associated with the Corrugated Packaging Business. A side letter agreement established an effective operational date of April 1, 2025, for purposes of accounting and tax allocations.

As disclosed in Note 4 to the consolidated financial statements, the Company classified the Corrugated Packaging Business operated under Ferguson Containers as discontinued operations as of March 31, 2025.