Company: CXDO
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0001654954-25-005149
Chunk: 29

Company: Crexendo, Inc.
Filing Date: 2025-05-06
Form: 10-Q
Item: Part I, Item 1
Chunk 29
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 31   32 Cloud computing arrangements  153   279 Credit cards  104   117 Other   352   320 Total accrued expenses $6,439  $6,992   The changes in aggregate product warranty liabilities for the three months ended March 31, 2025 and the year ended December 31, 2024 were as follows (in thousands):   WarrantyLiabilities Balance at January 1, 2024 $25 Accrual for warranties  32 Adjustments related to pre-existing warranties  (4)Warranty settlements  (21)Balance at December 31, 2024  32 Accrual for warranties  6 Warranty settlements  (7)Balance at March 31, 2025 $31  Product warranty expense is included in cost of product revenue expense and totaled $6 and $7 for the three months ended March 31, 2025 and 2024, respectively. 

10. Notes Payable Notes payable consists of short and long-term financing arrangements:   March 31,  December 31,   2025  2024 Related party note payable $384  $478 Other notes payable  91   114 Total notes payable $475  $592 Less: current notes payable  (475)  (478)Notes payable, net of current portion $-  $114 

 22Table of Contents

On February 27, 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 March 31