On June 10, 2024, with an effective date of June 7, 2024, WaveDancer, Inc. and its wholly-owned subsidiary Tellenger, Inc. executed a Change of Terms to the Commercial Line of Credit Agreement and Note dated April 16, 2021, as amended on September 11, 2023, with Summit Community Bank, a division of Burke & Herbert Bank & Trust. Through prior agreements with the Lender the LOC Agreement expired on May 16, 2024. Prior to the execution of the CIT, the amount due to the Lender was $500,000.

In connection with such CIT, the maturity date was extended to July 16, 2024 in consideration of the Borrowers making a principal curtailment of $100,000 and paying an extension fee of $2,500, and making an additional $100,000 payment by June 28, 2024 plus an additional $4,000 extension fee.