XML 45 R34.htm IDEA: XBRL DOCUMENT v3.24.2.u1
Long-Term Debt (Tables)
6 Months Ended
Jun. 30, 2024
Long-Term Debt [Abstract]  
Schedule of Long-term debt Long-term debt consists of the following as of:

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 August 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
   June 30,
 2024
 
Equipment and vehicle notes payable to financial institutions, requiring monthly principal and interest payments totaling $2,022,714. The notes bear interest ranging from 1.9% to 13.0%, mature between August 2024 to March 2030 and are secured by the Company’s transportation equipment and vehicles.  $50,007,292 
      
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. Subsequent to June 30, 2024, this loan was paid off in July 2024.   674,246 
      
In May 2020, Delta secured a $150,000 loan from the United States Small Business Administration (SBA) under its Economic Injury Disaster Loan assistance program (EIDL). In October 2021, the loan was increased to $1,850,000. Monthly installment payments of $9,982 including principal and interest begin twelve months from the date of disbursement. The note bears interest of 3.75% and matures in June 2050. This loan is unsecured. Subsequent to June 30, 2024, this loan was paid off in August 2024.   1,751,832 
    52,433,370 
Less: unamortized debt issuance costs   (49,169)
Less: current maturities   (19,195,045)
Total long-term debt  $33,189,156 
Schedule of Future Maturities of Long-Term Debt Future maturities of long-term debt are as follows:
For the quarter ending June 30: 
2024   $12,004,516 
2025    14,414,051 
2026    9,558,661 
2027    7,376,581 
2028 and thereafter    9,030,392 
Total   $52,384,201