Company: ACCS
Filing Date: 2025-03-25
Form Type: 10-K
Source: 0000843006-25-000012
Chunk: 110

Company: ACCESS Newswire Inc.
Filing Date: 2025-03-25
Form: 10-K
Item: Item 1
Chunk 110
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, we acquired Newswire, which added $16,122,000 of goodwill based on our preliminary purchase price allocation.  During the year ending December 31, 2023, we concluded our purchase price allocation, which resulted in a reduction in goodwill of $571,000. Along with Newswire, the goodwill balance of $19,043,000 is related to the stock acquisitions of ACCESSWIRE in 2014 and Filing Services Canada, Inc. in 2018 and the assets of the Visual Webcasting Platform in 2019. The Company conducted its annual impairment analyses as of December 31, 2024 and 2023 and determined that no goodwill was impaired.

 F-19Table of Contents

Note 6: Credit Agreement On March 20, 2023 (the “Closing Date”), the Company entered into a $25 million Credit Agreement (the “Credit Agreement”) with Pinnacle Bank (“Pinnacle”). The Credit Agreement provides for the following: (i) term loan facility in an aggregate principal amount of $20 million (the “Term Loan”), and (ii) revolving line of credit in an up to aggregate principal amount of $5 million (the “Revolving LOC”), subject to an 85% limit based on the current eligible accounts receivable (as defined in the Credit Agreement).  Please also see Note 15 (Subsequent Events) relating to the amendments to the Credit Agreement as of February 28, 2025. Pursuant to the terms of the Credit Agreement, the per annum interest rate of the Term Loan is variable based on the one-month secured overnight financing rate (“SOFR”) plus 2.35%, subject to a minimum SOFR of 2.00%. However, the Term Loan issued on the Closing Date has a per annum interest rate of 6.217%, which was fixed with respect to the entire principal amount as a result of an interest rate swap agreement entered into between the Company and Pinnacle on the Closing Date in accordance with the terms of the Credit Agreement. The Company began making monthly interest only payments on the Term Loan on April 1, 2023. On January 1, 2024, the Company began making monthly principal payments of $333,333 plus interest payments on the Term Loan until the maturity date of December 20, 2028. The proceeds of the Term Loan along with certain cash on hand of the Company were used to repay in its entirety the one-year Sec