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Note 6 - Line of Credit
12 Months Ended
Dec. 31, 2024
Notes to Financial Statements  
Short-Term Debt [Text Block]

Note 6 - Line of Credit

 

On February 13, 2023, the Company entered into a Revolving Credit Agreement with Platinum Bank (the “Lender”) and executed a variable rate (9.0% as of December 31, 2023) revolving promissory note of $7,000,000, expiring February 26, 2025. As collateral, the Company granted a security interest in and to all of the Company’s right, title and interest in certain assets on account at Platinum Bank, together with all financial assets, security entitlements with respect to such financial assets, investment property, securities and other property, to secure the payment and performance of the revolving credit agreement. There was $0 and $6,350,000 outstanding as of December 31, 2024, and 2023. The Company incurred $7,500 in debt issuance costs associated with the revolving note, which are presented as net amount of $4,022 within the line of credit on the balance sheet and amortized on a method which approximates the effective interest method to interest expense on the consolidated statement of operations. In connection with the Sale of Business of the Company’s Sports Gaming Client Services and SportsHub Gaming Network business units in January 2024, the revolving credit line was paid off. See Note 3.