Item 1.01. Entry into a Material Definitive Agreement.
The information set forth under Item 2.03, "Creation of a Direct Financial
Obligation or an Obligation under an Off-Balance Sheet Arrangement of a
Registrant," is incorporated herein by reference.
Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an
Off-Balance Sheet Arrangement of a Registrant.
On April 28, 2023, WidePoint Corporation (the "Company") entered into an
Accounts Receivable Purchase Agreement (the "Agreement") with Republic Capital
Access, LLC (the "Buyer"). Pursuant to the Agreement, the Company may from time
to time offer and sell eligible accounts receivable to the Buyer at an initial
purchase price equal to 90% of the receivable (85% is the account receivable
debtor is not a government entity), subject to increase based on, among other
things, the total amount collected and the discount factor applicable to the
receivable. The facility is limited to a total of $4 million outstanding at any
time, with an available increase to $10 million, subject to adequate
receivables. The Agreement contains customary fees, covenants and
representations.
The description of the Agreement set forth above is qualified by reference to
Exhibit 10.1, which is incorporated herein by reference.
Item 9.01(d) Financial Statements and Exhibits.
Exhibit Accounts Receivable Purchase Agreement with Republic Capital Access,
10.1 LLC
Exhibit Cover Page Interactive Data File (embedded within the inline XBRL
104 document)
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