secwatch.observer — SEC 8-K summary
======================================

Issuer:     NovAccess Global Inc. (—)
CIK:        0001039466
Form:       8-K
Filed at:   2023-05-02T23:59:59+00:00
Accession:  0001185185-23-000432
Event type: debt
Sentiment:  negative
Materiality: 0.50
Item codes: 1.01, 2.03, 3.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

NovAccess issues $54,250 convertible note with 65% discount conversion to 1800 Diagonal Lending
--------------------------------------------------------------------------------

- Note bears 8% interest, matures April 24, 2024; prepayment penalty 15-25% of outstanding.
- Conversion price set at 65% of avg of three lowest trading prices in prior 15 trading days.
- Proceeds used for general working capital; no financial covenants, but asset sale requires lender approval.
- Default triggers 22% interest and collection costs; note convertible from Oct 21, 2023.
- Issuance exempt under Section 4(a)(2); company must maintain OTCQB listing and SEC reporting.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1039466/000118518523000432/0001185185-23-000432-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1039466/000118518523000432/novaccess20230501_8k.htm
  HTML page:      https://secwatch.observer/filing/0001185185-23-000432

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