Company: OMQS
Filing Date: 2025-08-19
Form Type: 10-Q
Source: 0001641172-25-024877
Chunk: 63

Company: OMNIQ Corp.
Filing Date: 2025-08-19
Form: 10-Q
Item: Part I, Item 8
Chunk 63
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 discount fee starts at 1.5% and increases based on the age of the outstanding receivables. The balance as of June
30, 2025, was $0 and this credit facility was terminated concurrent with the sale of the assets from Quest Marketing, Inc.

NOTE
7 – RELATED PARTY NOTES PAYABLE

Note
Payable – Marin

In
December 2017, we entered into a $660 thousand note payable at 1.89% annual interest rate (the “Marin Note”) with two individuals
from whom we previously acquired their company (in 2014). The Marin Note was payable in 60 monthly principal payments of $20 thousand
beginning in October 2018. Accrued interest payable as of March 31, 2025 and December 31, 2024, was $73 thousand and $73, respectively.
Accrued interest was payable at maturity. This accrued interest balance was $0 as of June 30, 2025.

Note
Payable – Summit

On
June 30, 2025, concurrent with the sale of the business unit, the Company entered into a promissory note for $10
million at 5%
annual interest rate (the “Summit Note”), the note is amortized over 10
years, but a balloon payment in 3
years for the then balance. The Company is required to make 13
payments every year, with annual payments totaling $1,378,852.
Accrued interest as of June 30, 2025 was $0
and the balance as of June 30, 2025 was $10,000,000. At June 30, 2025, the company had put up a $200,000 prepaid expense towards transaction costs with Summit Junction
and this amount appears on the Balance Sheet as a prepaid expenses, related party.

    F-7

NOTE
8 – OTHER NOTES PAYABLE

 SCHEDULE OF OTHER NOTES PAYABLE

    (In
    thousands) 
    June 30, 2025  
    December
    31, 2024 
  
    Note
    payable other 
     7,342  
     8,746 
  
    Less
    current portion 
     (6,932) 
     (8,512)
  
    Long-term
    notes payable 
    $410  
    $234 

Notes
Payable Other

On