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Merchant Portfolio Purchase Installment Obligation | 3 Months Ended
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Mar. 31, 2025
Merchant Portfolio Purchase Installment Obligation [Abstract] |
MERCHANT PORTFOLIO PURCHASE INSTALLMENT OBLIGATION | NOTE 16 – MERCHANT PORTFOLIO PURCHASE INSTALLMENT OBLIGATION On November 24, 2021, we entered into an Asset Purchase Agreement (the “Agreement”) dated as of November 15, 2021 with FFS Data Corporation (“Seller”) whereby we acquired a portfolio of merchants utilizing financial transaction processing services (the “Acquired Merchant Portfolio”). The purchase price was $20 million, with $16 million paid at closing, $2 million payable within six months after closing, and a $2 million payment to be transferred to an escrow account, contingent upon an Attrition Adjustment, as described in the Agreement. Company management has recognized a liability for the $2,000,000 contingent payment amount as of March 31, 2025 and December 31, 2024. Legal proceedings regarding this matter began in 2022 and have continued through 2025, see Note 15.

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