What Asure Software, Inc. told the SEC could break it.

One customer was 13% ($1.88M) of Asure's uncollateralized net accounts receivable at year-end 2025, and it also carries Employee Retention Tax Credit deferred-payment receivables whose collection depends on customers receiving their tax credits.

“As of December 31, 2025, we had one customer that accounted for $ 1,879 or 13 % of our net accounts receivable balance. The receivable balance is not collateralized, and thus the entire $ 1,879 is at risk of loss.”

Asure's Loan Agreement is collateralized by substantially all of its assets (excluding client funds) and requires maintaining a Total Leverage Ratio; covenant breach raises the interest rate and could trigger default.

“The Loan Agreement is collateralized by substantially all of our assets except for all client funds balances and an amount of cash intended solely to cover employee wages, benefits, and taxes for a limited period.”

Some key components for Asure's Time & Attendance products come from single or limited sources with no contractual supply commitments, exposing it to shortages, price increases, tariffs and discontinuation.

“Some of our key components are procured from a single or limited number of suppliers. Thus, we are at risk of shortages, price increases, tariffs, changes in international trade policies or treaties, delays, or discontinuation of key components, which could disrupt and materially and adversely affect our business.”

Asure depends on third-party hosting (mainly AWS) for its applications and does not control those facilities; if it cannot renew on commercially reasonable terms or the providers fail, its service could be disrupted.

“We rely on third-party service providers, such as Amazon Web Services and to a lesser extent, data center providers, to provide third-party hosted environments for our applications.”