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Secured Revolving Line of Credit | 9 Months Ended
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Sep. 30, 2025
Secured Revolving Line Of Credit |
Secured Revolving Line of Credit | 7. Secured Revolving Line of Credit The outstanding line of credit consists of the following at September 30, 2025 and December 31, 2024: Schedule of Line of Credit
|  | September 30, 2025 |  |  | December 31, 2024 |
Line of credit |  | $ | 2,693,735 |  |  | $ | 3,805,080 |
In November 2020, CardCash entered into an Amended and Restated Promissory Note (the “November 2020 Note”) for a revolving line of credit of up to $10,000,000, payable on demand, secured by the Company’s inventory, with interest based on the Wall Street Journal (“WSJ”) prime rate plus 3%, limited to a floor of 6.5%. At September 30, 2025 and December 31, 2024, the average interest rate was 10.5% and 12%, respectively. As of September 30, 2025, the Company complied with customary debt covenants. At September 30, 2025 and December 31, 2024, there was $0 and $3,805,080 outstanding under the November 2020 Note. On April 23, 2025, CardCash entered into the Second Amended and Restated Promissory Note (the “Amended Note”) with Pathward, National Association (“Pathward”) in the principal amount of $7,000,000. The Amended Note amends and restates the November 2020 Note (see above). The Amended Note does not constitute a novation or extinguishment of the November 2020 Note and it is still outstanding. Interest on the Amended Note is based on the WSJ prime rate plus 3%, with a floor of 6.5%. The Note is collateralized by a blanket lien on the assets of CardCash. Advances under the Note may be measured against a percentage of eligible accounts and eligible inventory as defined. The amount advanced as a loan under the Note may not exceed an amount which is the lesser of: (i) $7,000,000 and the sum of (a) 100% of Eligible Credit Card Receivables (as defined), plus 100% of the Product Costs for Eligible Inventory (as defined), provided however, that the Product Costs for Eligible Inventory consisting of Prepaid Inventory shall not exceed $750,000. In addition, if CardCash terminates the Note prior to December 31, 2025, it must pay an Exit Fee of 0.50% of $7,000,000, together with all unpaid Loan Fees and Maintenance Fees due under the Agreement. The Amended Note decreased the required minimum cash collateral balance from $1,250,000 to $1,000,000. At September 30, 2025 and December 31, 2024, the Amended Note requires a deposit of $1,000,000 and $1,258,826, respectively, which is included in cash and cash equivalents in the accompanying condensed consolidated balance sheets. At September 30, 2025 and December 31, 2024, the average interest rate was 10.5% and 12%, respectively. As of September 30, 2025, the Company complied with customary debt covenants. At September 30, 2025 and December 31, 2024, there was $2,693,735 and $0 outstanding under the November 2020 Note.

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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 + Details
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