Company: LDWY
Filing Date: 2025-08-28
Form Type: 10-KT
Source: 0001558370-25-011807
Chunk: 67

Company: LENDWAY, INC.
Filing Date: 2025-08-28
Form: 10-KT
Chunk 67
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10. Long-term debt, net.

The components of debt consisted of the following at:

| ​                                                              | ​ 
 ​ | ​ |             ​ 
 June 30, 2025 | ​ | ​ |                 ​ 
 December 31, 2024 |
|:---------------------------------------------------------------|:--|:--|--------------:|:--|:--|------------------:|
| Amended Credit Agreement - term loan                           | ​ | $ |    15,750,000 | ​ | $ |        16,650,000 |
| Notes payable                                                  | ​ |   |    12,750,000 | ​ |   |        12,750,000 |
| Amended Credit Agreement - revolving credit facility           | ​ |   |             — | ​ |   |         7,961,000 |
| Paid in-kind interest (PIK)                                    | ​ |   |     2,065,000 | ​ |   |         1,331,000 |
| Machinery financing loans (1)                                  | ​ |   |       231,000 | ​ |   |           141,000 |
| ​                                                              | ​ | $ |    30,796,000 | ​ | $ |        38,833,000 |
| Less: unamortized debt issuance costs                          | ​ |   |      -272,000 | ​ |   |          -312,000 |
| Total debt                                                     | ​ | $ |    30,524,000 | ​ | $ |        38,521,000 |
| PIK included in accrued expenses and other current liabilities | ​ |   |      -300,000 | ​ |   |           -93,000 |
| Less current maturities                                        | ​ |   |    -1,870,000 | ​ |   |        -1,820,000 |
| Long-term debt, net of current maturities                      | ​ | $ |    28,354,000 | ​ | $ |        36,608,000 |

| (1) | These transactions represent failed sale leasebacks with the associated equipment recorded in property and equipment, net and debt on the Company’s consolidated balance sheets. The failed sale leasebacks are denominated in Euro. |

F-20

To finance the Bloomia acquisition, the Company entered into a revolving credit and term loan agreement (the “Credit Agreement”), with Tulp 24.1 as the borrower (the “