secwatch.observer — SEC 8-K summary
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Issuer:     AXIM BIOTECHNOLOGIES, INC. (AXIM)
CIK:        0001514946
Form:       8-K
Filed at:   2024-03-21T23:59:59+00:00
Accession:  0001096906-24-000539
Event type: debt
Sentiment:  neutral
Materiality: 0.60
Item codes: 1.01, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

AXIM issues $814,555 in convertible notes and restricted stock for past-due compensation
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- Issued $814,555 convertible notes to directors, officers, contractors, and Sapphire employees to settle past salaries/fees.
- Notes carry 4.25% annual interest, mature March 1, 2034; three versions with conversion prices of $0.01 or $0.02.
- Also sold 1,100,000 restricted shares at $0.01 per share to a Sapphire employee for $11,000 of past-due salary.
- Full conversion of all notes yields 47,727,750 common shares; conversion blocked until stock trades at $0.20 for 30 days after 6 months.
- Notes are non-transferable; 25% principal due annually for Version 1 Notes.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1514946/000109690624000539/0001096906-24-000539-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1514946/000109690624000539/axim-20240315.htm
  HTML page:      https://secwatch.observer/filing/0001096906-24-000539

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer