Company: BCG
Filing Date: 2025-04-03
Form Type: S-1/A
Source: 0001410578-25-000637
Chunk: 168

Company: Binah Capital Group, Inc.
Filing Date: 2025-04-03
Form: S-1/A
Chunk 168
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 amount outstanding as of December 31, 2024. The terms of this new promissory note provides for maturity on May 15, 2027 and carries an interest rate of the prime rate plus 1.00% , but no less than 7.50% per annum. For the year ended December 31, 2024 interest expense related to the new promissory notes amounted to approximately $ 0.4 million of which approximately $ 0.1 million is payable as of December 31, 2024 and paid subsequent to December 31, 2024. 12. DUE TO MEMBERS The Company had entered into promissory notes with certain of its members to provide for working capital. As of December 31, 2024 and 2023, the amount of principal and accrued interest related to these notes were approximately $ 0.0 million and $ 5.2 million, respectively. The notes bear interest at the rate of 10% and are due on demand. For the years ended December 31, 2024 and 2023, interest expense related to these notes amounted to approximately $ 0.1 million and $ 0.4 million, respectively. Subsequent to December 31, 2023, and in connection with the closing of the Business Combination, the noteholders agreed to satisfy all outstanding obligations, including the payment of principal and interest, in exchange for an amount of cash equal to approximately $ 0.9 million, forgiveness of certain other obligations owed to a noteholder and the issuance of 357,000 shares of common stock of Binah Capital Group, Inc.

13.LEASES

The Company has obligations as a lessee for office space with initial noncancelable terms in excess of. The Company classifies these leases as operating leases. These leases generally contain renewal options for periods ranging fromto. Because the Company is not reasonably certain to exercise theserenewal options, the optional periods are not included in determining the lease term, and associated payments under these renewal options are excluded from lease payments used to determine the lease liability. The Company’s leases do not include termination options for either party to the lease or restrictive financial or other covenants. Payments due under the lease contracts include fixed payments plus, for many of the Company’s leases, variable payments. The Company’s office space leases require it to make variable payments for the Company’s proportionate share of the building’s property taxes, insurance, and common area