ASUR · CIK 0000884144
What Asure Software, Inc. told the SEC could break it.
Asure's disclosures are largely about its reliance on outside parties. On collections, one customer made up 13% ($1.88 million) of its uncollateralized net receivables at year-end 2025, and it also holds Employee Retention Tax Credit deferred-payment receivables whose recovery hinges on customers actually receiving their tax credits. On infrastructure, it depends on third-party hosting — mainly AWS — that it doesn't control, and on single or limited-source suppliers for key Time & Attendance hardware components with no guaranteed supply, exposing it to shortages, price increases and tariffs. Underpinning all of it is a secured term loan collateralized by substantially all its assets and carrying a leverage covenant that, if breached, raises its rate or risks default.
4 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Customer concentration
- one customer = 13% of net accounts receivable (uncollateralized); ERTC deferred-payment receivablesmedium
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.”
SEC filing →As of 2026
Liquidity & debt
- secured term loan with leverage covenant (assets pledged)medium
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.”
SEC filing →As of 2026
Sole-source dependency
- single/limited-source components for Time & Attendance hardware (no guaranteed supply)medium
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.”
SEC filing →As of 2026
Supplier concentration
- reliance on AWS and data-center providers for hostingmedium
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.”
SEC filing →As of 2026
The hidden graph
Who it depends on, and who depends on it.
Relationships surfaced from filings, including ones disclosed by the other side, which is how the non-obvious ones come to light.
Its suppliers
Amazon Web Services (Amazon.com, Inc.)
“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.”
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