18 unchanged sentences
On March 14, 2025 the motion was denied.
−Removed: 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.
−Removed: 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.
+Added: On July 11, 2025, Usio attended a deposition with Kauder and Triple Pay Play in Nashville, Tennessee.
+Added: On September 29, 2025, Kauder, Pioletti and Triple Pay Play agreed to Usio’s settlement and filed a Joint Notice of Voluntary Nonsuit with Prejudice in The Chancery Court of Maury County Tennessee on October 10, 2025.
+Added: The settlement was in the amount of $115,000, which was recorded on our balance sheet as a reduction of SG&A expense for the three and nine months ended September 30, 2025.
+Added: On September 1, 2021, KDHM, 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.
The lawsuit alleges that due to a mistake, accident, or inadvertence, certain customer deposits in the amount of $317,000 were improperly transferred to us.
We believe that plaintiff's claims contradict the express terms of the asset purchase agreement, and we intend to continue to vigorously defend this matter.
−Removed: As a result of this post-sale dispute, we subsequently discovered that KDHM, LLC and its principals made certain misrepresentations and breached the terms of the asset purchase agreement.
+Added: As a result of this post-sale dispute, we subsequently discovered that KDHM and its principals made certain misrepresentations and breached the terms of the asset purchase agreement.
On September 28, 2021, we filed an answer generally denying the plaintiff’s allegations.
18 unchanged sentences
On April 11, 2025, KDHM filed a Motion for Reconsideration with the appellate court, which was denied on May 5, 2025.
+Added: On August 8, 2025, KDHM filed in the Supreme Court of Texas a Petition for Review from the Fourth Court of Appeals at San Antonio, Texas.
+Added: We are currently preparing a response to the petition.
We have not recorded a contingency in relation to this case, as we consider the risk of loss remote as related to this lawsuit.
1 unchanged sentence
The facility was established on May 29, 2024, and matures on June 5, 2026.
−Removed: As of June 30, 2025, no amounts had been drawn under this line of credit since its origination.
−Removed: This line of credit was secured to support the bond requirement in the KDHM lawsuit appeal but remains fully available.
+Added: As of September 30, 2025, no amounts had been drawn under this line of credit since its origination.
+Added: This line of credit was obtained to support the bond requirement in the KDHM lawsuit appeal but remains fully available.
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.
5 unchanged sentences
While we believe that such matters are currently not material, there can be no assurance that matters arising in the ordinary course of business for which we are or could become involved in litigation will not have a material adverse effect on our business, financial condition, or results of operations.
+Added: RISK FACTORS.
+Added: Except as set forth in Item 1A.
+Added: Risk Factors in the Quarterly Reports on Form 10-Q we have filed subsequent to our filing of the 2024 Annual Report, there have been no material changes to the Risk Factors disclosed in Item 1A.
+Added: Risk Factors of the 2024 Annual Report.
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.