RELATED PARTY NOTES PAYABLE |
6 Months Ended | ||||||||||||||||||||||||||||||||||||
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Jun. 30, 2026 | |||||||||||||||||||||||||||||||||||||
| Related Party Transactions [Abstract] | |||||||||||||||||||||||||||||||||||||
| RELATED PARTY NOTES PAYABLE | NOTE 5 – RELATED PARTY NOTES PAYABLE
Concurrent with the sale of the Quest Solution division, the company entered into a Transition Services Agreement whereas the costs for some employees would be split during the transition. Connected to that was advances to OMNIQ from the Buyer to facilitate the transition. This entity is majority controlled by the Company’s CEO and thus treated as related party advances. The balance as of December 31, 2025 was $3.8 million and at June 30, 2026 was $7.3 million. This is non-interest bearing with no predefined or agreed upon repayment term.
In addition and concurrent with the sale of the Quest Solution division, the Company entered into a Promissory Note which bears interest at 5% per annum, is amortized over a ten-year period, and provides for a balloon payment after the third year. The balance at December 31, 2025 was $9.6 million and at June 30, 2026 was $9.2 million.
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