Company: LDWY
Filing Date: 2025-08-28
Form Type: 10-KT
Source: 0001558370-25-011807
Chunk: 29

Company: LENDWAY, INC.
Filing Date: 2025-08-28
Form: 10-KT
Chunk 29
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 30, 2025 and 2024, was $1,905,000 and $1,189,000, respectively. The increase is due to the timing of the acquisition. In connection with the Bloomia acquisition, the Company began incurring interest expenses starting February 21, 2024. The Company has not hedged the risk of its interest expense. If the Term SOFR reference rate increases, the Company’s interest expense on its term loan and revolving credit facility will increase. Income Taxes.For the six months ended June 30, 2025, the Company recorded an income tax benefit of $313,000, with a corresponding effective tax rate of (19.3)%, on income from continuing operations. For the six months ended June 30, 2024, the Company recorded income tax benefit of $548,000, with a corresponding effective tax rate of 20.8%, on loss from continuing operations. The benefit in the six months ended June 30, 2025 primarily relates to a change in state tax rates. See Note 14 to the consolidated financial statements appearing in Part II, Item 8 of this Transition Report on Form 10-KT. Income from Discontinued Operations, Net of Tax.For the six months ended June 30, 2025 and 2024, income from discontinued operations is a result of the reduction in the accrual for sales tax due to the expiration of the statute of limitations. Information on the sale of the In-Store Marketing Business and statement of operations and comprehensive income (loss) details of the discontinued operations are included in Note 5 to the consolidated financial statements appearing in Part II, Item 8 of this Transition Report on Form 10-KT. Noncontrolling interest. The 18.6% noncontrolling interest in Tulp 24.1’s income (loss) was income of $473,000 and a loss of $270,000 for the six months ended June 30, 2025 and 2024, respectively. Calendar Year Ended December 31, 2024 Compared to Calendar Year Ended December 31, 2023

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