Line of Credit

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Line of Credit

Line of CreditOn November 1, 2022, the Company entered into a revolving loan and security agreement with two banks, with one bank as the administrative agent (the “Lenders”), with a maximum revolving advance amount of $90,000,000. The revolving facility includes the ability for the Company to request an increase to the commitment by an additional up to $50,000,000, though no Lender (nor the Lenders collectively) are obligated to increase their respective commitments. Borrowings under the revolving facility bear interest at a per annum rate equal to, (i) at the Company’s option, the (x) the base rate or (y) the adjusted term SOFR rate, plus (ii) the applicable margin. The applicable margins are based on the Company’s consolidated net leverage ratio, adjusted on a quarterly basis. The initial applicable margins are 1.25% for an adjusted term SOFR loan and 0.25% for a base rate loan and will be updated based on the consolidated net leverage ratio reported in the compliance certificate. The revolving facility matures on the five-year anniversary of the closing date, November 1, 2027. The revolving facility is secured by a first-priority lien on substantially all of the Company’s present and future personal assets and intangible assets. The revolving facility is subject to certain financial covenants such as a net leverage ratio and interest coverage ratio, as defined in the agreement. The Company has not made any draws under the facility and as of June 30, 2023, there is no amount outstanding.Notes Payable

The Company has various loans with finance companies with monthly installments aggregating $69,469, inclusive of interest ranging from 2.5% through 10.1%. The notes mature at various times through 2028 and are secured by transportation equipment.

The following table summarizes the Company’s notes payable:

	June 30, 2023		December 31, 2022
Equipment and financing loans payable, between 2.5% and 10.1% interest and maturing between January 2023 and May 2028	$	2,276,824	$	1,901,514
Loan received pursuant to the Payroll Protection Program Term Note	—		—
Total notes payable	2,276,824		1,901,514
Less: current portion of notes payable	$	696,308	$	664,913
Total non-current portion of notes payable	$	1,580,516	$	1,236,601

Interest expense was $32,375 and $20,949 for the three months period ended June 30, 2023 and 2022, respectively.

Interest expense was $61,409 and $43,508 for the six months period ended June 30, 2023 and 2022, respectively.

Future minimum annual maturities of notes payable as of June 30, 2023 are as follows:

	Notes Payable
2023, remaining	$	322,096
2024	571,001
2025	563,779
2026	492,111
2027	273,629
Thereafter	54,208
Total maturities	$	2,276,824
Current portion of notes payable	(696,308)
Long-term portion of notes payable	$	1,580,516