Priority Technology Holdings Inc
For the period ended Sep 30, 2024. Filed Nov 7, 2024.
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Sep 30, 2024 · Filed Nov 7, 2024
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5. Notes Receivable
- Notes Receivable
The Company had notes receivable of $6.3 million and $5.2 million as of September 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 September 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 September 30, 2024 and December 31, 2023, the Company hadno allowance for doubtful notes receivable.
As of September 30, 2024, the principal payments for the Company's notes receivable are due as follows:
| (in thousands) | |
|---|---|
| Twelve months ending September 30, | |
| 2025 | $2,567 |
| 2026 | 1,270 |
| 2027 | 1,304 |
| 2028 | 1,153 |
| After 2028 | — |
| Total | $6,294 |
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