Company: CXDO
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0001654954-25-005149
Chunk: 30

Company: Crexendo, Inc.
Filing Date: 2025-05-06
Form: 10-Q
Item: Part I, Item 1
Chunk 30
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, 2025 and December 31, 2024, the outstanding balance of the related party note payable was $384 and $478, respectively. During the three months ended March 31, 2025 and 2024, the Company paid principal of $94 and $90, respectively and interest of $4 and $8, respectively. As of March 31, 2025, future principal payments are scheduled as follows (in thousands): Year ending December 31,   2025 remaining $361 2026  114 2027  - 2028  - 2029  - Total $475      

11. Line of Credit The Company maintains a line of credit with a maximum principal amount of $700, payable upon demand. The line of credit expires on February 27, 2026. The line of credit bears interest at 0.50% over the Wall Street Journal Prime Rate. As of March 31, 2025, there was an outstanding balance of $0 and $700 remained available for borrowing. The line of credit is collateralized by all company assets. Additionally, the line of credit is subject to certain financial covenants.

12. Fair Value Measurements We have financial instruments as of March 31, 2025 and December 31, 2024 for which the fair value is summarized below (in thousands):   March 31, 2025  December 31, 2024   CarryingValue  Estimated FairValue  CarryingValue  Estimated FairValue Assets:            Trade receivables, net $4,060  $4,060  $4,352  $4,352 Equipment financing receivables   3,687   3,687   3,446   3,446 Liabilities:                Finance lease obligations $4  $4  $23  $23 Notes payable  475   472   592   587   We have no liabilities for which fair value is recognized in the balance sheet on a recurring basis as of March 31, 2025 and December 31, 2024.

13. Income Taxes Our effective tax rate for the three months ended March 31, 2025 and 2024 was 3.6% and 5.8%, respectively, which resulted in an income