Company: BKTI
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001437749-25-009464
Chunk: 487

Company: BK Technologies Corp
Filing Date: 2025-03-27
Form: 10-K
Item: Item 2
Chunk 487
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with Fifth Third Bank, N.A., providing for a one-year revolving line of credit with a maximum commitment of $6,000, with an accordion feature, if certain conditions are met, for up to an additional $4,000 of borrowing capacity, totaling a maximum commitment of $10,000.     On  November 22, 2022, the Company’s wholly owned subsidiaries, BK Technologies, Inc. and RELM Communications, Inc. (the “Subsidiaries”), entered into an Invoice Purchase and Security Agreement (“IPSA”) with Alterna Capital Solutions, LLC (“Alterna”), providing for a one-year line of credit with total maximum funding up to $15,000 (the “Line of Credit”). On  November 22, 2023, the IPSA was renewed for one more year.  The IPSA was paid off in  September 2024.   Management believes that cash and cash equivalents currently available, combined with anticipated cash to be generated from operations, and borrowing ability are sufficient to meet the Company’s working capital requirements in the foreseeable future. The Company generally relies on cash from operations, commercial debt, and equity offerings to the extent available, to satisfy its liquidity needs and to meet its payment obligations. The Company  may engage in public or private offerings of equity or debt securities to maintain or increase its liquidity and capital resources. However, financial and economic conditions, including those resulting from the current inflationary environment and current geopolitical tension, could impact our ability to raise capital or debt financing, if needed, on acceptable terms or at all.

        F-
        10

         BK TECHNOLOGIES CORPORATION

         YEARS ENDED
         DECEMBER 31, 2024 AND
        2023

         NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

         (in thousands, except share data and percentages)

       1. Summary of Significant Accounting Policies (Continued)

   Reverse Stock Split   On  March 23, 2023, the Board of Directors approved a one (1)-for-five (5) reverse stock split (the “Reverse Stock Split”) of the Company’s issued and outstanding shares of the Company’s Common Stock, and on  April 4, 2023, the Company filed with the Secretary of State of the State of Nevada a Certificate of Change to its Articles of Incorporation to effect the Reverse Stock Split.   The Company executed the Reverse Stock Split, which became effective at 5:00 p.m