Company: LDWY
Filing Date: 2025-08-28
Form Type: 10-KT
Source: 0001558370-25-011807
Chunk: 73

Company: LENDWAY, INC.
Filing Date: 2025-08-28
Form: 10-KT
Chunk 73
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 which Air T has agreed to advance from time to time until August 15, 2026, but not on a revolving basis, up to $ 2,500,000to fund the Company’s operations. Air T Inc. beneficially owns greater than 10% of our outstanding Common Stock and is a member of a group of stockholders that collectively owns approximately 40% of our outstanding common stock. Amounts outstanding under the Note bear interest at a fixed rate of 8.0%, which may be increased by 3.0% upon certain events of default, and is accrued and deferred until the Maturity Date. The entire principal amount outstanding on the Loans, together with accrued and unpaid interest thereon as set forth below, shall be due and payable in full on the earlier of (i) August 15, 2029, (ii) the Company’s receipt of a written demand by Air T delivered on or after February 15, 2026, and (iii) such earlier date as all principal owing thereunder becomes due and payable by acceleration or otherwise (the “ Maturity Date”). The Company may prepay any Loan outstanding thereunder, together with accrued and unpaid interest on such Loan, at any time without prepayment or penalty. On September 27, 2024, we entered into an Amended and Restated Delayed Draw Term Note (the “ Amended Note”) with Air T pursuant to which Air T has agreed to advance up to an additional $ 1,000,000from time to time until August 15, 2026, but not on a revolving basis. The Amended Note provided for total borrowing of up to $ 3,500,000to fund the Company’s operations. On January 15, 2025, the note was amended again to increase the total borrowing to $ 3,750,000. As previously disclosed, amounts outstanding under the Amended Note bear interest at a fixed rate of 8.0%, which may be increased by 3.0% upon certain events of default. The Amended Note remains scheduled to mature and all principal and accrued but unpaid interest will become due on August 15, 2029, subject to Air T’s right to demand payment on or after February 15, 2026. No closing or origination fees will be paid to the Air T. The Company had $ 3,350,000and $ 3,500,000outstanding under the Note as of June 30,