Company: LDWY
Filing Date: 2025-08-28
Form Type: 10-KT
Source: 0001558370-25-011807
Chunk: 57

Company: LENDWAY, INC.
Filing Date: 2025-08-28
Form: 10-KT
Chunk 57
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 control of its tulips. Revenue is measured as the amount of consideration expected to be received in exchange for transferring products. Revenue from product sales is governed primarily by customer pricing and related purchase orders (“contracts”) which specify shipping terms and the transaction price. Contracts are at standalone pricing. The performance obligation in these contracts is determined by each of the individual purchase orders and the respective stated quantities, with revenue being recognized at a point in time when obligations under the terms of the agreement are satisfied. This generally occurs with the transfer of control of tulips to the customer when the product is delivered.

The Company expenses the incremental costs of obtaining a contract, as the amortization period is one year or less. These costs are included in sales and marketing expense in the consolidated statements of operations.

F-12

The following table presents revenue disaggregated by customer, as determined by the operational nature of their industry:

| ​           
 ​           | ​ 
 ​ | ​                
 Six Months Ended |             ​ 
 June 30, 2025 | ​ | ​          
 Year Ended |                 ​ 
 December 31, 2024 |
|:------------|:--|:-----------------|--------------:|:--|:-----------|------------------:|
| Supermarket | ​ | $                |    30,564,000 | ​ | $          |        34,793,000 |
| Wholesaler  | ​ |                  |     4,591,000 | ​ |            |         2,521,000 |
| Other       | ​ |                  |       467,000 | ​ |            |           459,000 |
| ​           | ​ | $                |    35,622,000 | ​ | $          |        37,773,000 |

During the six months ended June 30, 2025, the Company had customers that accounted for 10% or more of the total revenues. These customers accounted for approximately %, %, %, and % of revenues, respectively, for the six months ended June 30, 2025. As of June 30, 2025, of these customers also accounted for approximately % and % of accounts receivable, net, while different customer accounted for approximately % of accounts receivable, net as of June 30, 2025. For the calendar year 2024, the Company had three customers that accounted for 10% or more of revenues. These customers accounted for approximately %, %, and % or revenues, respectively