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this motion was heard August 5, 2024.
−Removed: On March 14, 2025 the motion was denied, with proceedings to continue at a date yet to be determined.
−Removed: We have not recorded a contingency in relation to this case, as we consider the risk of loss remote as related to this lawsuit.
+Added: On March 14, 2025 the motion was denied.
+Added: On July 11, 2025, Usio attended a deposition with Kauder and Triple Pay Play in Nashville, Tennessee, with proceedings to continue at a date yet to be determined.
On September 1, 2021, KDHM, LLC, an entity owned by the former owners of IMS, sued PDS Acquisition Corp, now known as Usio Output Solutions, Inc., in the 73rd District Court of Bexar County, Texas claiming a breach of the asset purchase agreement executed by the parties on December 14, 2020.
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As part of the July 12, 2024 appeal, Usio was required to obtain a bond in the amount of $474,229.
−Removed: See Note 4 for more information.
+Added: See Note 4 of the notes to our condensed consolidated financial statements in this report for more information.
On April 2, 2025, the Fourth Court of Appeals reversed the trial court’s judgment and rendered judgement that KDHM should take nothing against Usio on its “money had and received claim.” With respect to the remaining claims, the court remanded back to the lower court.
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The facility was established on May 29, 2024, and matures on June 5, 2026.
−Removed: As of March 31, 2025, no amounts had been drawn under this line of credit since its origination.
+Added: As of June 30, 2025, no amounts had been drawn under this line of credit since its origination.
This line of credit was secured to support the bond requirement in the KDHM lawsuit appeal but remains fully available.
−Removed: The Company also has an irrevocable letter of credit in the amount of $474,229, issued on June 3, 2024, with a maturity date of July 3, 2025.
+Added: The Company also has an irrevocable letter of credit in the amount of $474,229, issued on June 3, 2024, with a maturity date of June 3, 2026.
This letter of credit was obtained as part of the bonding requirement for the KDHM lawsuit appeal and has not been drawn upon since its issuance.
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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.