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ACCRUED EXPENSES AND DEBT | 6 Months Ended
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Jun. 30, 2026
Accrued Expenses And Debt |
ACCRUED EXPENSES AND DEBT |
7. | ACCRUED EXPENSES AND DEBT
Accrued expenses as of June 30, 2026 and December 31, 2025 consist of the following: SCHEDULE OF ACCRUED EXPENSES
|  | June 30, 2026 |  |  | December 31, 2025 |
|  | ($ in thousands) |
Accrued expenses |  | $ | 4,211 |  |  | $ | 3,569 |
Payable to managed practices |  |  | 1,164 |  |  |  | 2,128 |
Taxes and other |  |  | 568 |  |  |  | 273 |
Total |  | $ | 5,943 |  |  | $ | 5,970 |
Bank Debt — The Company had a revolving line of credit with Silicon Valley Bank, a division of First Citizens Bank & Trust Company (“SVB”) which the Company voluntarily terminated on August 18, 2025. The SVB credit facility was a secured revolving line of credit with interest at the prime rate plus 1.5%. The debt was secured by all of the Company’s domestic assets and 65% of the shares in its offshore subsidiaries. Interest costs on the line of credit, which are included in interest expense, were approximately $13,000 and $25,000 for the three and six months ended June 30, 2025. On August 22, 2025, the Company entered into a Deferred Payment Agreement with Wells Fargo for $8,250,000 pursuant to the Purchase Agreement with Medsphere. The Deferred Payment Agreement had an interest rate of 12% per year with a maturity date of February 20, 2026 and was secured by substantially all of the Company’s assets. The Deferred Payment Agreement was paid on September 3, 2025. (See Note 4.) On September 3, 2025, the Company entered into an agreement (the “Agreement”) with Provident Bank (“Provident”) whereby Provident provided the Company with an available line of credit of $10 million. The facility was secured by, among other things, a first lien security interest in substantially all of the assets and other property of the Company. The interest rate of the facility was an adjustable rate equal to the margin (300 basis points) over an independent index which is equal to the Secured Overnight Financing Rate (“SOFR”). There was no cost related to the line of credit for the three and six months ended June 30, 2026. The Agreement contained various covenants and conditions governing the revolving line of credit including an initial commitment fee of $35,000 and an annual fee of $35,000 thereafter. Upon entering into the Agreement, the Company borrowed approximately $8.3 million on its line of credit with Provident to satisfy the obligation to Wells Fargo incurred in connection with the Medsphere acquisition. These funds were repaid to Provident by December 31, 2025. The Agreement was terminated by the Company in April 2026. On November 7, 2025, the Company entered into a five-year loan agreement with Republic Bank & Trust Company for $1,032,000 for the purchase of an aircraft, which serves as security for the loan. The interest rate on the loan is fixed at 6.75% and is guaranteed by the Company. The Company plans to repay this loan within the next two years. On April 13, 2026, the Company entered into a credit agreement providing for a $40 million term loan and a $10 million revolving line of credit (the “Credit Facility”) with Citizens Bank, N.A. (“Citizens”) and Provident. The Credit Facility is secured by all of the Company’s assets and 65% of the shares in its offshore subsidiaries. It is also secured by a pledge of Company common stock held by the Company’s Executive Chairman. The term loan facility and the revolving line of credit each mature on the fourth anniversary of the closing date. The term loan amortizes in equal monthly principal installments beginning June 1, 2026. Borrowings under the Credit Facility bear interest at rates based on SOFR plus 3.5% for the term loan and SOFR plus 2.5% for the line of credit. The Credit Facility contains customary affirmative and negative covenants, including financial covenants, and customary events of default. Proceeds from the Credit Facility are being used for general corporate purposes, including the redemption of the Company’s outstanding Series B Preferred Stock which occurred on May 15, 2026. At the time of closing, the Company borrowed approximately $49 million under the Credit Facility. Approximately $41.6 million of the funds borrowed under the Credit Facility were used to fund the Series B Preferred Stock redemption, including the unpaid dividends. As of June 30, 2026, the outstanding balance of the term loan was approximately $39.2 million and $9 million was drawn on the line of credit. The Company was in compliance with all covenants. On June 25, 2026, the Company entered into a First Amendment to Credit Agreement (the “Amendment”) with Citizens which is effective as of May 6, 2026. Among other things, the Amendment (i) amends the Credit Facility relating to certain post-closing obligations, (ii) modifies the information and notice requirements applicable to permitted acquisitions, and (iii) revises the liquidity condition applicable to permitted acquisitions. The outstanding term loan payable and other obligations as of June 30, 2026 and December 31, 2025 are as follows: SCHEDULE OF OUTSTANDING TERM LOAN PAYABLE AND OTHER OBLIGATION
|  | June 30, 2026 |  |  | December 31, 2025 |
|  | ($ in thousands) |
Current obligations: |  |  |  |  |  |  |  |
Term loan |  | $ | 10,000 |  |  | $ | - |
Aircraft loan |  |  | 664 |  |  |  | 642 |
Vehicle financing |  |  | 92 |  |  |  | 86 |
Total current obligations |  | $ | 10,756 |  |  | $ | 728 |
Long-term obligations: |  |  |  |  |  |  |  |
Term loan |  | $ | 29,167 |  |  | $ | - |
Aircraft loan |  |  | - |  |  |  | 338 |
Vehicle financing |  |  | 56 |  |  |  | 103 |
Total non-current obligations |  | $ | 29,223 |  |  | $ | 441 |
Total obligations |  | $ | 39,979 |  |  | $ | 1,169 |
The Company maintains cash balances at Provident in excess of the FDIC insurance coverage limits. The Company performs periodic evaluations of the relative credit standing of Provident to ensure its credit worthiness. As of June 30, 2026 and December 31, 2025, the Company held cash of approximately $1.3 million and $1.1 million, respectively, in the name of its subsidiaries at banks in Pakistan and Sri Lanka. The banking systems in these countries do not provide deposit insurance coverage. The Company has not experienced any losses on its cash accounts.

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