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SUBSEQUENT EVENTS
6 Months Ended
Jun. 30, 2025
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

NOTE 18 - SUBSEQUENT EVENTS

 

Management has evaluated subsequent events through August 18, 2025 the date that the consolidated financial statements were available for issuance.

 

On July 11, 2025, the Company entered into a twelfth amendment to its loan documents with Capital Foundry Funding LLC governing its revolving line of credit. The amendment reaffirmed a $5 million capacity including $4 million in overline availability, if necessary, at the discretion of Capital Foundry based on certain facts and circumstances concerning the Company’s accounts receivables and unbilled receivables. The amendment also clarified the definition of unbilled accounts for eligibility, set an overline fee of $37,000 to be paid in four installments by October 2025, and set the maturity date to March 7, 2027, unless extended further. The facility automatically renews for successive one year periods unless either party terminates by providing 90-day notice.

 

On July 18, 2025, Freight Opportunities, LLC exercised 117,647 Ordinary Share warrants for 100,000 Ordinary shares on a cashless basis. 

 

On August 6, 2025, the Company entered into a securities purchase agreement with an accredited wherein the Company issued an aggregate of (i) 12,540,000 series B preferred shares; and (ii) 126,005 series A4 preferred shares for a total purchase price of $500,000. The Offering raised net cash proceeds of approximately $485,000 after deducting the transfer agent and legal fees and expenses.