Note 6 - Note Receivable, Net

9 Months Ended

Sep. 30, 2025

Notes to Financial Statements

Financing Receivables [Text Block]

Note 6 - Note Receivable, Net

On June 5, 2025, the Company issued a senior note to Standard Waste Services, LLC, or Standard Waste, in the principal amount of $6.6 million, or the Standard Waste Note, with an original issue discount, or OID, of $2.0 million. The Standard Waste Note matures on the earlier of (i) January 15, 2026 and (ii) the initial time of our consummation of the acquisition of all of the issued and outstanding equity of Titan Environmental Services, Inc., or Titan and does not accrue interest. The Standard Waste Note has been initially recorded at its fair value of $4.8 million representing the original principal less the OID.  The OID is being accreted to interest income using the interest method.  Accretion for the three and nine months ended September 30, 2025 was $0.8 and $1.0 million, respectively.  

During the quarter ended September 30, 2025, the Company made the decision to not pursue the acquisition of Titan.