---
schema_version: "secwatch.filing_event.v1"
accession: "0001493152-24-013045"
form_type: "8-K"
ticker: "RIME"
cik: "0000923601"
company_name: "Algorhythm Holdings, Inc."
filed_at: "2024-04-03T23:59:59+00:00"
generated_at: "2026-06-04T03:13:39.019007+00:00"
event_type: "debt"
sentiment: "positive"
materiality_score: 0.4
calibrated_materiality_score: 0.4
confidence: "high"
source: SEC EDGAR
---

# Singing Machine closes $2M senior credit facility with Oxford Commercial Finance

## Summary
- Revolving line of credit of $2 million; interest at Prime + 2.5% with a 10% floor.
- 2-year term; secured by all company assets; no financial covenants.
- Facility expands receivables financing beyond existing C2FO early-pay program.
- Minimum average loan balance of $570,000 per month; early exit fee of 2% of loan cap.
- CEO Gary Atkinson says cost is well within prevailing market rates.

## SEC filing metadata
- accession: 0001493152-24-013045
- form_type: 8-K
- ticker: RIME
- cik: 0000923601
- company_name: Algorhythm Holdings, Inc.
- filed_at: 2024-04-03T23:59:59+00:00
- event_type: debt
- sentiment: positive
- materiality_score: 0.4
- calibrated_materiality_score: 0.4
- confidence: high
- sec_items: 1.01, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/923601/000149315224013045/0001493152-24-013045-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/923601/000149315224013045/form8-k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001493152-24-013045
- JSON: https://secwatch.observer/filing/0001493152-24-013045.json
- Plain text: https://secwatch.observer/filing/0001493152-24-013045.txt

## Key facts
- Material Agreements
  Algorhythm Holdings, Inc. entered into Loan Agreement with Oxford Commercial Finance valued at $2 million (effective 2024-03-28).
  - Action: entry
  - Agreement: credit facility
  - Counterparty: Oxford Commercial Finance
  - Value: $2 million
  - Effective: 2024-03-28
  source text: On March 28, 2024 (the “Closing Date”), The Singing Machine Company, Inc. (the “Company”) and Oxford Commercial Finance, a Michigan banking corporation, (referred to as “Oxford”) entered into a Loan Agreement (the “Loan Agreement”) and related Revolving Credit Note (the “Note”) for a $2 million revolving line of credit (the “Line of Credit”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/923601/000149315224013045/0001493152-24-013045-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.