---
schema_version: "secwatch.filing_event.v1"
accession: "0001096906-23-000219"
form_type: "8-K"
ticker: "AXIM"
cik: "0001514946"
company_name: "AXIM BIOTECHNOLOGIES, INC."
filed_at: "2023-01-27T23:59:59+00:00"
generated_at: "2026-06-20T07:09:57.224959+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 0.9
calibrated_materiality_score: 0.9
confidence: "high"
source: SEC EDGAR
---

# AXIM cures defaults on $5.3M in debt, cuts conversion prices, gives CEO $250K note for back pay

## Summary
- 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.

## SEC filing metadata
- accession: 0001096906-23-000219
- form_type: 8-K
- ticker: AXIM
- cik: 0001514946
- company_name: AXIM BIOTECHNOLOGIES, INC.
- filed_at: 2023-01-27T23:59:59+00:00
- event_type: other_material
- sentiment: negative
- materiality_score: 0.9
- calibrated_materiality_score: 0.9
- confidence: high
- sec_items: 1.01, 2.03, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1514946/000109690623000219/0001096906-23-000219-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1514946/000109690623000219/axim-20230123.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001096906-23-000219
- JSON: https://secwatch.observer/filing/0001096906-23-000219.json
- Plain text: https://secwatch.observer/filing/0001096906-23-000219.txt

## Key facts
- Debt Financings
  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
  source text: John W. Huemoeller II Settlement Agreement On January 23, 2023, the Company entered into a “Settlement Agreement” with its Chief Executive Officer, John W.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1514946/000109690623000219/0001096906-23-000219-index.htm
- Material Agreements
  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
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1514946/000109690623000219/0001096906-23-000219-index.htm
- Material Agreements
  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
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1514946/000109690623000219/0001096906-23-000219-index.htm
- Material Agreements
  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
  source text: 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").
  evidence_url: https://www.sec.gov/Archives/edgar/data/1514946/000109690623000219/0001096906-23-000219-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.