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 | |
|