Executives said they shaved costs by eliminating outside contracts and ending Edkey’s partnership with Nogales-based Downtown Academy, an online provider. Edkey was going weeks without meeting its payments to the online academy, so both sides agreed to sever the relationship.

Edkey’s website still lists Dr. Yovhane Metcalfe as the interim CEO. She left in September after a pre-determined time in the role, which followed Mark Plitzuweit’s firing from the job for signing what amounted to payday loans to keep the charter school afloat.

Edkey’s head of finance, Chelsea Betancourt, said Wednesday that the team has spent recent months reconciling accounts and preparing for an annual audit. She said the company found its previously reported bank balance was overstated by $1.9 million because of duplicated transactions. After corrections, the charter school’s cash on hand fell from $6 million to $4.1 million.

Executives said simple payroll will remain a weekly challenge heading into 2026, driven by lingering financial pressures and limited reserves. Mismatched timing between payroll dates and when the state makes what are called equalization payments recently created a four-day gap in payroll.

To maintain liquidity, Edkey reached an agreement with its bondholders for a $1 million loan. The company must repay the amount by Feb. 28.

Company leaders said the cleanup of financial reporting processes reflects efforts by a largely new finance team to establish consistent and timely disclosures.

“We appreciate your patience,” Strange told investors. “We’ve established the rhythm now, and you’ll see us meeting all the reporting requirements going forward.”