---
schema_version: "secwatch.filing_event.v1"
accession: "0001493152-26-029603"
form_type: "8-K"
ticker: "RIME"
cik: "0000923601"
company_name: "Algorhythm Holdings, Inc."
filed_at: "2026-06-22T20:40:41+00:00"
generated_at: "2026-06-22T20:42:13.967296+00:00"
event_type: "debt"
sentiment: "negative"
materiality_score: 0.65
calibrated_materiality_score: 0.65
confidence: "high"
source: SEC EDGAR
---

# Algorhythm defaults on $1.5M note payment; forbearance extended to July 16

## Summary
- Missed $1.5M initial payment due May 2, 2026 on $1.75M promissory note to SemiCab, Inc.
- Second forbearance agreement dated June 16, 2026 waives default until July 16, 2026.
- Note issued May 2, 2025; remaining $250K due November 2, 2026.
- First forbearance on May 9, 2026 waived default through June 16, 2026.

## SEC filing metadata
- accession: 0001493152-26-029603
- form_type: 8-K
- ticker: RIME
- cik: 0000923601
- company_name: Algorhythm Holdings, Inc.
- filed_at: 2026-06-22T20:40:41+00:00
- event_type: debt
- sentiment: negative
- materiality_score: 0.65
- calibrated_materiality_score: 0.65
- confidence: high
- sec_items: 1.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/923601/000149315226029603/0001493152-26-029603-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/923601/000149315226029603/form8-k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001493152-26-029603
- JSON: https://secwatch.observer/filing/0001493152-26-029603.json
- Plain text: https://secwatch.observer/filing/0001493152-26-029603.txt

## Key facts
- Material Agreements
  Algorhythm Holdings, Inc. entered into Promissory Note with SemiCab, Inc. valued at $1,750,000 (effective 2025-05-02).
  - Action: entry
  - Agreement: notes offering
  - Counterparty: SemiCab, Inc.
  - Value: $1,750,000
  - Effective: 2025-05-02
  source text: 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 its subsidiary, SemiCab Holdings, LLC, a Nevada limited liability company (“SemiCab Holdings”), and the Seller.
  evidence_url: https://www.sec.gov/Archives/edgar/data/923601/000149315226029603/0001493152-26-029603-index.htm

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