NovAccess Global Inc.: debt financing — NovAccess in default on $184K convertible notes; creditor demands $276K penalty payment

NovAccess Global Inc.

Received default notice from 1800 Diagonal Lending LLC on Jan 16, 2024, for failure to file annual report.
Creditor demanded immediate payment of $276,000, representing 150% of the $184,000 outstanding balance.
Company lacks funds to repay; Sumner Global financing ($3.63M equity + $7.05M loan) remains unclosed.
Owes AJB Capital Investments $1.8M past due; lacks cash for operations or to complete 2023 audit.
Default could lead to conversion of debt into common stock at a deep discount, diluting existing holders.

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

NovAccess Global Inc. reported a default on convertible notes of $243,770 in the aggregate with 1800 Diagonal Lending LLC.

Instrument: convertible notes
Principal: $243,770 in the aggregate
Counterparty: 1800 Diagonal Lending LLC
Event: default

Exact text from the filing

LLC four convertible promissory notes on April 11, April 28, June 20, and August 17, 2023 (collectively, the “Notes”). Pursuant to the Notes, 1800 Diagonal loaned NovAccess $243,770 in the aggregate. Each of the Notes has a provision that requires us to make all filings with the Securities and Exchange Commission required by the Securities Exchange Act of

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

NovAccess Global Inc. faced acceleration on convertible notes of $276,000 (150% of the $184,000 currently outstanding) with 1800 Diagonal Lending LLC.

Instrument: convertible notes
Principal: $276,000 (150% of the $184,000 currently outstanding)
Counterparty: 1800 Diagonal Lending LLC
Event: acceleration

Exact text from the filing

On January 16, 2024, 1800 Diagonal notified us of the default and demanded payment in full of the Notes in the amount of $276,000 (150% of the $184,000 currently outstanding under the Notes).

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Source: SEC EDGAR

accession 0001185185-24-000110

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