---
schema_version: "secwatch.filing_event.v1"
accession: "0001493152-26-021727"
form_type: "8-K"
ticker: "RIME"
cik: "0000923601"
company_name: "Algorhythm Holdings, Inc."
filed_at: "2026-05-07T23:59:59+00:00"
generated_at: "2026-05-14T22:24:21.764943+00:00"
event_type: "debt"
sentiment: "negative"
materiality_score: 0.65
calibrated_materiality_score: 0.65
confidence: "high"
source: SEC EDGAR
---

# Algorhythm Holdings defaults on $1.5M note payment; interest rate rises from 6% to 8%

## Summary
- Failed to make $1.5M initial payment due May 2, 2026 on a $1.75M promissory note to SemiCab Inc.
- Default triggered; interest rate on the overdue amount increased from 6% to 8% per annum.
- Seller may declare all outstanding amounts immediately due and payable upon written notice.
- As of May 7, 2026, SemiCab has not exercised any remedies under the note.

## SEC filing metadata
- accession: 0001493152-26-021727
- form_type: 8-K
- ticker: RIME
- cik: 0000923601
- company_name: Algorhythm Holdings, Inc.
- filed_at: 2026-05-07T23:59:59+00:00
- event_type: debt
- sentiment: negative
- materiality_score: 0.65
- calibrated_materiality_score: 0.65
- confidence: high
- sec_items: 2.04
- EDGAR index: https://www.sec.gov/Archives/edgar/data/923601/000149315226021727/0001493152-26-021727-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/923601/000149315226021727/form8-k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001493152-26-021727
- JSON: https://secwatch.observer/filing/0001493152-26-021727.json
- Plain text: https://secwatch.observer/filing/0001493152-26-021727.txt

## Key facts
- Debt Financings
  Algorhythm Holdings, Inc. reported a default on loan of $1,750,000 with SemiCab Inc. at six percent per annum maturing May 2, 2026.
  - Instrument: loan
  - Principal: $1,750,000
  - Counterparty: SemiCab Inc.
  - Rate: six percent per annum
  - Maturity: May 2, 2026
  - Event: default
  source text: Obligation or an Obligation under an Off-Balance Sheet Arrangement. On May 2, 2025, Algorhythm Holdings, Inc. (the “Company”) issued a promissory note in the principal amount of $1,750,000 (the “Promissory Note”) to SemiCab Inc., a Delaware corporation (the “Seller”), pursuant to an equity purchase agreement (the “Equity Purchase Agreement”) among the Company and
  evidence_url: https://www.sec.gov/Archives/edgar/data/923601/000149315226021727/0001493152-26-021727-index.htm

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