Priority Technology Holdings Inc
For the period ended Jun 30, 2024. Filed Aug 8, 2024.
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Jun 30, 2024 · Filed Aug 8, 2024
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5. Notes Receivable
- Notes Receivable
The Company had notes receivable of $7.2 million and $5.2 million as of June 30, 2024 and December 31, 2023, respectively, which are reported as current portion of notes receivable and notes receivable less current portion on the Company's Unaudited Consolidated Balance Sheets. The notes receivable carried weighted-average interest rates of 18.6% as of June 30, 2024 and December 31, 2023. The notes receivable are comprised of notes receivable from ISOs, and under the terms of the agreements the Company preserves the right to hold back residual payments due to the ISOs and to apply such residuals against future payments due to the Company. As of June 30, 2024 and December 31, 2023, the Company hadno allowance for doubtful notes receivable.
As of June 30, 2024, the principal payments for the Company's notes receivable are due as follows:
| (in thousands) | |
|---|---|
| Twelve months ending June 30, | |
| 2025 | $2,188 |
| 2026 | 1,932 |
| 2027 | 1,668 |
| 2028 | 1,398 |
| After 2028 | — |
| Total | $7,186 |
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