Note 13 - Subsequent Events |
12 Months Ended |
|---|---|
Dec. 31, 2024 | |
| Subsequent Events [Abstract] | |
| Subsequent Events |
Note 13 – Subsequent Events
Akretive, LLC On November 30, 2024, the debt with Macatawa was settled by the surrender of collateral from the Guarantors of the note with the debt reverting back to the Guarantors The remaining interest in this indebtedness of the Guarantors was assigned to Akretive, LLC according to the notes below. As of December 30, 2024, all debts held by and interest due to 463IP Partners, LLC, Great Harbor Capital, LLC, Little Harbor LLC, and David L. Van Andel Trust were assigned to Akretive LLC, including one-half of the Macatawa debt
On April 22, 2025, the Company entered into the Consent, Release and Indemnification Agreement with BTG Holdings, LLC pursuant to which it consented to the transactions involving Akretive LLC.
As of April 22, 2025, all debts held by and interest due to Golisano Holdings LLC were assigned to Akretive LLC, including one-half of the Macatawa debt.
On Septemeber 16, 2025, the outstanding principal and interest previously owed to Macatawa was formalized in a secured promissory note between Twinlab Consolidated Holdings, Inc. and Holdings, LLC. The principal sum of the note is $15,891k. The maturity date was set as November 29, 2025. Interest is established to accrue at a simple rate of 6.0% per annum. A default rate is established at 12% per annum. Interest is not to be compounded. A fee to waive the default status of the original note was set at $25k and paid on October 10, 2025. This loan was not repaid and entered into default on November 29, 2025. Senior Credit Facility with Midcap On October 31, 2024, we entered into Amendment Twenty-One to the Credit and Security Agreement (the “MidCap Twenty-First Amendment”), which effectively renewed the Senior Credit Facility for an additional three months expiring on January 31, 2025. A non-refundable modification fee of $125k, with $25k due upon signing and $100 due at the end of the loan period, was included as part of this Amendment. On January 31, 2025, we entered into Amendment Twenty-Two to the Credit and Security Agreement (the “MidCap Twenty-Second Amendment”), which effectively renewed the Senior Credit Facility for an additional three months expiring on April 30, 2025.
On April 22, 2025, the Credit and Security Agreement was paid in full. Security interests were released as part of the closure of the Agreement.
Changes to Management On December 12, 2025, the Board of Directors appointed Anthony Zolezzi as the Chief Executive Officer of TCC. On that same day, Kyle Casey, the Interim Chief Executive Officer and Chief Financial Officer did tender his resignation from the positions of Interim Chief Executive Officer and Chief Financial Officer.
Changes to the Board of Directors On June 26, 2025, Mr. Van Andel resigned from the Board of Directors.
Legal Considerations On November 14, 2025, counsel to First Central Tower Limited Partnership ("Landlord"), remitted a Notice of Default, Demand to Cure and for Acceleration of Rent to TCHI and TCC seeking $979,885 in unpaid rent. The Company did not respond to this notice.
On December 10, 2025, the Landlord filed a complaint for damages in the Circuit Court for the Sixth Judicial Circuit in and for Pinellas and Pasco Counties, Florida, Civil Division. The Landlord states that the Company defaulted on the lease by failing to pay rent on the date rent was due. The Landlord is seeking to recover damages from the Company in the amount of $963,363, comprised of past due rent and late fees totaling $1,394,221, less the Company's security deposit in the amount of $1,000,000, plus accelerated rent due for the remainder of the lease term reduced to net present value in the amount of $360,713 plus costs associated with reletting the premises in the amount of $208,428. As of the date of this filing, the Company has not responded to this complaint. It is possible that the Company's failure to respond to the compliant will result in a default judgment against the Company or alternatively that any response to the complain or future actions on the Company's part to defend against this litigation will be unsuccessful and result in an adverse judgment against the Company. Such a default or adverse judgment could result in the imposition of material damages and other costs and could have a material adverse effect on the Company. |