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Secured Revolving Line of Credit

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

Secured Revolving Line of Credit

7. Secured Revolving Line of Credit

The outstanding line of credit consists of the following at December 31, 2024 and 2023:

 Schedule of Line of Credit

		December 31, 2024				December 31, 2023
		Successor
		December 31, 2024				December 31, 2023
Line of credit		$	3,805,080			$	6,737,385

In November 2020, CardCash entered into an amended and restated promissory note for a revolving line of credit with availability of up to $10,000,000. The revolving line of credit is payable on demand, secured by the Company’s inventory, with interest based on the Wall Street Journal Prime Rate plus 3.00%, limited to a floor of 6.5%. At December 31, 2024 and December 31, 2023, the average interest rate was 12% and 12%, respectively. As of December 31, 2024, the Company was in compliance with customary debt covenants. At December 31, 2024 and 2023, this line of credit requires a deposit of $1,258,826, included in restricted cash.

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- References

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- Definition

The entire disclosure for short-term debt.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/470/tableOfContent

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