Company: CXDO
Filing Date: 2025-03-04
Form Type: 10-K
Source: 0001654954-25-002287
Chunk: 1017

Company: Crexendo, Inc.
Filing Date: 2025-03-04
Form: 10-K
Item: Item 7A
Chunk 1017
---
 2023, we entered into a promissory note with CrossFirst Bank in the amount of $278. The promissory note has a term of three (3) years with monthly payments of Eight Thousand Five Hundred Forty-Three ($8,543), including interest of 6.58%, beginning on March 27, 2023. Additionally, the promissory note is subject to certain financial covenants.  On November 1, 2022, as part of the acquisition of Allegiant Networks, we entered into a promissory note with the seller in the amount of $1.1 million. The loan agreement has a term of three (3) years with quarterly payments of Ninety-Eight Thousand Three Hundred Eighty-One ($98,381), including interest at 4.00%, beginning on April 1, 2023. As of December 31, 2024 and 2023, the outstanding balance of the related party note payable was $478 and $843, respectively. During the year ended December 31, 2024 and 2023, the Company paid principal of $365 and $257, respectively, and interest of $27 and $37, respectively. As of December 31, 2024, future principal payments are scheduled as follows (in thousands): Year ending December 31,   2025 $478 2026  114 2027  - 2028  - 2029 and thereafter  - Total $592 

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 was renewed on February 27, 2024 and will expire on February 27, 2025. The line of credit bears interest at 0.50% over the Wall Street Journal Prime Rate. As of December 31, 2024, there was an outstanding balance of $0, and $700 remained available for borrowing. The line of credit is collateralized by all Company assets and subject to certain financial covenants. 

12. Fair Value Measurements We have financial instruments as of December 31, 2024 and 2023 for which the fair value is summarized below (in thousands):     December 31, 2024  December 31, 2023   Carrying Value  Estimated Fair Value  Carrying Value  Estimated