{"schema_version":"secwatch.filing_event.v1","accession":"0001104659-25-103211","form_type":"8-K","ticker":"STAI","cik":"0001994624","company_name":"ScanTech AI Systems Inc.","filed_at":"2025-10-28T23:59:59+00:00","discovered_at":"2026-05-14T18:02:41.235642+00:00","generated_at":"2026-05-17T02:01:34.449144+00:00","sec_items":["1.02","2.04"],"event_type":"debt","sentiment":"negative","materiality_score":0.7,"calibrated_materiality_score":0.7,"confidence":"high","headline":"Silverback asserts default on $1M note; cross-default may affect $1.5M note","bullets":["Silverback claims missed quarterly interest payment on $1M promissory note (15% annual rate) constitutes Event of Default.","Silverback asserts outstanding principal as $1,112,500 as of Oct 23, 2025, including capitalized interest.","Cross-default clause in separate $1.5M note with 340 Broadway/SPCC could trigger 18% default interest and higher conversion discount.","Company disputes the assertions and is reviewing the notice and related agreements."],"urls":{"canonical":"https://secwatch.observer/filing/0001104659-25-103211","json":"https://secwatch.observer/filing/0001104659-25-103211.json","markdown":"https://secwatch.observer/filing/0001104659-25-103211.md","text":"https://secwatch.observer/filing/0001104659-25-103211.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1994624/000110465925103211/0001104659-25-103211-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1994624/000110465925103211/tm2529589d1_8k.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-05-17T02:01:34.449144+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[{"claim_id":"a81058c1ac3e8765acf586ac78e9d4a797d8a5d2","claim":"ScanTech AI Systems Inc. reported a default on senior notes of $1,112,500 with Silverback Capital Corporation at 15% maturing January 22, 2026.","evidence_excerpt":"On October 23, 2025, the Company received written notice (the “Silverback Notice”) from Silverback that asserted that the Company failed to make a quarterly interest rate payment as of October 22, 2025 and failed to notify Silverback five business days in advance that the Company would not make the quarterly interest rate payment. Silverback asserts that such violation constitutes an “Event of Default” under the Note and requires that the quarterly interest rate payment be capitalized into the principal amount of the Note. The Silverback Notice claims that, as of October 23, 2025, the outstanding principal amount of the Note is $1,112,500.","evidence_source":"SEC 8-K Item 2.03/2.04","evidence_url":"https://www.sec.gov/Archives/edgar/data/1994624/000110465925103211/0001104659-25-103211-index.htm","confidence":0.9,"family_label":"Debt Financings","details":[{"label":"Instrument","value":"senior notes"},{"label":"Principal","value":"$1,112,500"},{"label":"Counterparty","value":"Silverback Capital Corporation"},{"label":"Rate","value":"15%"},{"label":"Maturity","value":"January 22, 2026"},{"label":"Event","value":"default"}],"fact_type":"debt_financing"}],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}