Long-term debt consists of the following as of September 30, 2026, and December 31, 2025:

 Schedule of Long Term Debt

Credit Facility

The Company’s Credit Facility, established pursuant to its PNC Loan Agreement, consists of a Revolving Credit facility with a maximum borrowing capacity of $12,500,000. Availability under the Revolving Credit facility is subject to a borrowing base comprised of eligible receivables (as defined in the agreement) and is reduced by (i) outstanding standby letters of credit ($3,420,000 as of September 30, 2026) and (ii) discretionary reserves imposed by the lender ($750,000 as of September 30, 2026). The Credit Facility also includes the Term Loan and the Capital Loan.

On August 10, 2026, the Company entered into an amendment to its PNC Loan Agreement that extended the maturity date of the PNC Loan Agreement from May 15, 2027 to May 15, 2030. The amendment also eliminated the annual capital expenditure limitation of $6,000,000, provided that the Company maintains a minimum daily PNC Liquidity of $5,000,000. If PNC Liquidity falls below $5,000,000, the annual capital expenditure limitation of $6,000,000 becomes applicable.

Pursuant to the amendment, the Company may terminate the PNC Loan Agreement upon 90 days’ prior written notice upon payment in full of its obligations under the PNC Loan Agreement. The Company agreed to pay PNC 0.25% of the total financing in the event the Company pays off its obligations on or before May 15, 2027. No early termination fee shall apply if the Company pays off its obligations under the PNC Loan Agreement after May 15, 2027.

In connection with the amendment, the Company paid its lender a fee of $12,500 which is being amortized over the remaining term of the PNC Loan Agreement. All other terms of the PNC Loan Agreement remain unchanged.

Pursuant to the PNC Loan Agreement, payments of annual interest rates are as follows: (i) interest due on the Revolving Credit is at prime (7.0% as of September 30, 2026) plus 2% or SOFR (as defined in the PNC Loan Agreement) plus 3.00% plus a SOFR Adjustment applicable for an interest period selected by the Company; (ii) interest due on the Capital Loan is at prime plus 2.50% or SOFR plus 3.50% plus a SOFR Adjustment applicable for an interest period selected by the Company; and (iii) interest due on the Term Loan is at prime plus 3.00% or SOFR plus 4.00% plus a SOFR Adjustment applicable for an interest period selected by the Company. SOFR Adjustment rates of 0.10% and 0.15% are applicable for a one-month interest period and three-month period, respectively, that may be selected by the Company.

After giving effect to the borrowing base limitation, outstanding standby letters of credit, and discretionary reserves imposed by the lender, the Company’s borrowing availability under the PNC Credit Facility was approximately $5,533,000 as of September 30, 2026, compared to approximately $6,597,000 as of December 31, 2025. The Company’s PNC Liquidity, which consists of borrowing availability under the Revolving Credit plus cash held in the Company’s MMDA maintained with its lender, was approximately $19,864,000 and $18,126,000 as of September 30, 2026 and December 31, 2025, respectively. Pursuant to the PNC Loan Agreement, the Company is required to maintain a minimum of $5,000,000 in daily PNC Liquidity.

The PNC Loan Agreement contains certain financial covenant requirements, along with customary representations and warranties. A breach of any of these financial covenant requirements, unless waived by the lender, could result in a default under the PNC Loan Agreement allowing its lender to immediately require the repayment of all outstanding debt under the PNC Loan Agreement and terminate all commitments to extend further credit. The Company met all of its financial covenant requirements in the first, second and third quarters of 2026.

Promissory Note

In April 2026, the Company purchased a parcel of property adjacent to its PFNW facility that provides direct rail access pursuant to a Purchase and Sale Agreement dated November 17, 2025, for a purchase price of $350,000. The Company paid $87,500 in cash and financed the remaining $262,500 through a promissory note dated April 15, 2026, with a bank (the “Note”). The Note matures on April 15, 2036. Beginning May 15, 2026, the Company is required to make monthly payments of approximately $3,100 based on a fixed annual interest rate of 7.50% for the first five years of the Note. Thereafter, the interest rate will adjust every five years based on the weekly average five-year U.S. Treasury Securities Rate plus 3.0%. Under no circumstances will the variable interest rates on the Note be less than 4.0% per annum or more than (except in the case of default) the lesser of 20.5% per annum or the maximum rate allowed by applicable law. The Note also contains a declining prepayment penalty. If the Company prepays the Note during the first year, it must pay a prepayment fee equal to 3.0% of the outstanding principal balance. The prepayment fee decreases by 1.0% on each annual anniversary of the Note and is eliminated beginning on the fourth anniversary of the Note.