secwatch.observer — SEC 8-K summary
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Issuer:     Algorhythm Holdings, Inc. (RIME)
CIK:        0000923601
Form:       8-K
Filed at:   2024-04-03T23:59:59+00:00
Accession:  0001493152-24-013045
Event type: debt
Sentiment:  positive
Materiality: 0.40
Item codes: 1.01, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/923601/000149315224013045/0001493152-24-013045-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/923601/000149315224013045/form8-k.htm
  HTML page:      https://secwatch.observer/filing/0001493152-24-013045

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