AXIM BIOTECHNOLOGIES, INC. (AXIM): debt financing — AXIM cures defaults on $5.3M in debt, cuts conversion prices, gives CEO $250K note for back pay

AXIM BIOTECHNOLOGIES, INC.

TL-66 waives $216,572 interest on $934,478 secured notes; conversion price cut to $0.04 from $0.2201.
MMI waives $261,537 interest on $4M note; conversion price cut to $0.075 from $0.25.
CEO forgives $50K of $512.5K back salary; gets $250K note at $0.01; $212.5K deferred to July 1, 2023.
CEO salary cut by $55,000 for H1 2023 to preserve working capital.
Additional interest waivers on TL-66 ($11,191) and Sapphire ($17,116) notes.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

AXIM BIOTECHNOLOGIES, INC. incurred convertible notes of $250,000 with John W. Huemoeller II at 4% per annum maturing January 1, 2033.

Instrument: convertible notes
Principal: $250,000
Counterparty: John W. Huemoeller II
Rate: 4% per annum
Maturity: January 1, 2033
Event: incurrence

Exact text from the filing

John W. Huemoeller II Settlement Agreement On January 23, 2023, the Company entered into a “Settlement Agreement” with its Chief Executive Officer, John W.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

AXIM BIOTECHNOLOGIES, INC. entered into Convertible Notes Modification and Default Waiver Agreement with TL-66 LLC valued at Aggregate face value of Secured Notes: $934,478; interest waived: $216,572; conversion price reduced (effective 2023-01-23).

Action: entry
Agreement: notes offering
Counterparty: TL-66 LLC
Value: Aggregate face value of Secured Notes: $934,478; interest waived: $216,572; conversion price reduced
Effective: 2023-01-23

Exact text from the filing

On January 23, 2023, AXIM Biotechnologies, Inc. (the “Company”) and TL-66 LLC entered into a Convertible Notes Modification and Default Waiver Agreement (“Waiver Agreement”) in order to modify and cure defaults on various notes issued by the Company and its subsidiaries to TL-66 as summarized below.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

AXIM BIOTECHNOLOGIES, INC. entered into Convertible Note Modification and Default Waiver Agreement with Medical Marijuana, Inc valued at Face value $4,000,000; interest waived: $261,536.96; conversion price reduced to $0.075; interest ra (effective 2023-01-23).

Action: entry
Counterparty: Medical Marijuana, Inc
Value: Face value $4,000,000; interest waived: $261,536.96; conversion price reduced to $0.075; interest ra
Effective: 2023-01-23

Exact text from the filing

On January 23, 2023, the Company and Medical Marijuana, Inc ("MMI") entered into a Convertible Note Modification and Default Waiver Agreement (“MMI Modification Agreement”) in order to modify and cure the default of a convertible note, as amended, face value $4 million, issued by the Company to MMI (the "MMI Convertible Note") as set forth below.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

AXIM BIOTECHNOLOGIES, INC. entered into Settlement Agreement with John W. Huemoeller II valued at Accrued salary of $512,500; $250,000 convertible note issued to Executive at 4% interest, conversion (effective 2023-01-23).

Action: entry
Agreement: settlement
Counterparty: John W. Huemoeller II
Value: Accrued salary of $512,500; $250,000 convertible note issued to Executive at 4% interest, conversion
Effective: 2023-01-23

Exact text from the filing

On January 23, 2023, the Company entered into a “Settlement Agreement” with its Chief Executive Officer, John W. Huemoeller II (the "Executive") regarding $512,500 of accrued and unpaid salary owed to the Executive through December 31, 2022 (the "Amount Due").

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AXIM BIOTECHNOLOGIES, INC. filing history →

Source: SEC EDGAR

accession 0001096906-23-000219

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