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Long-Term Debt

12 Months Ended

Dec. 31, 2024

Note 11 — Long-term debt

Long-term debt consists of the following:

Predecessor

	December 31, 2023
Equipment notes payable to financial institutions, requiring monthly principal and interest payments totaling $43,359. The notes bear interest ranging from 4.99% to 9.32%, mature between November 2024 November 2026 and are secured by the Company’s transportation equipment.	$	991,676

Note payable to a financial institution requiring monthly principal and interest payment of $6,751 and a balloon payment at maturity, bears interest at 6%, maturing December 2025. The note is secured by a mortgage on real property.		693,836

Equipment notes payable to a financial institution, requiring monthly principal and interest payments totaling $128,733. One note payable was used to refinance existing capital lease obligations in 2022. The notes bear interest ranging from 3.95% to 6.80%, mature between June 2024 and December 2028, and are secured by transportation equipment.		4,966,298
		6,651,810
Less: unamortized debt issuance costs		(16,633	)
Less: current maturities		(1,599,699	)
Total long-term debt	$	5,035,478

Successor

	December 31,
	2024
Equipment and vehicle notes payable to financial institutions, requiring monthly principal and interest payments totaling $1,909,332. The notes bear interest ranging from 1.9% to 13.0%, mature between January 2025 to December 2030 and are secured by the Company’s transportation equipment and vehicles.	$	59,740,532

Term Loan payable to Pinnacle Bank, requiring principal payments of $266,667 per month commencing June 2025. The notes bear interest at SOFR (Currently 4.49%) +2.5% margin per month and mature April 2031.¹		16,000,000
		75,740,532
Less: unamortized debt issuance costs		(350,718	)
Less: current maturities		(19,052,903	)
Total long-term debt	$	56,336,911

⁽¹⁾	The Term Loan and Line of Credit includes financial covenants that include maximum leverage (debt / adjusted EBITDA) and debt service coverage ratio (total principal and interest / adjusted EBITDA), both measured quarterly starting from March 2025.

Future maturities of long-term debt are as follows:

For the years ending December 31:
2025	$	19,122,009
2026		15,960,020
2027		14,367,985
2028		12,362,183
2029 and		10,066,705
Thereafter		3,861,630
Total	$	75,740,532

The Company capitalized debt issuance costs of $386,825 during the period ended December 31, 2024 (Successor) and none in the period December 31, 2023 (Predecessor), respectively. Amortization expense related to the debt issuance costs totaled $92,559, $4,795, $13,115, and $38,392 for period ended December 31, 2024 (Successor), for the for the period from January 1, 2024 to May 12, 2024 (Predecessor), for the period ended December 31, 2023 (Predecessor), and for the period ended December 31, 2022 (Predecessor), respectively, and was recorded within interest expense on the consolidated statements of operations.

As of December 31, 2024 and 2023, the assets that are pledged as collateral related to our debt obligations are $69,620,421 and $7,467,232, respectively and were recorded within property and equipment, net on the consolidated balance sheet.