---
schema_version: "secwatch.filing_event.v1"
accession: "0001185185-24-000110"
form_type: "8-K"
ticker: null
cik: "0001039466"
company_name: "NovAccess Global Inc."
filed_at: "2024-01-22T23:59:59+00:00"
generated_at: "2026-06-06T20:27:13.255151+00:00"
event_type: "debt"
sentiment: "negative"
materiality_score: 0.9
calibrated_materiality_score: 0.9
confidence: "high"
source: SEC EDGAR
---

# NovAccess in default on $184K convertible notes; creditor demands $276K penalty payment

## Summary
- 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.

## SEC filing metadata
- accession: 0001185185-24-000110
- form_type: 8-K
- cik: 0001039466
- company_name: NovAccess Global Inc.
- filed_at: 2024-01-22T23:59:59+00:00
- event_type: debt
- sentiment: negative
- materiality_score: 0.9
- calibrated_materiality_score: 0.9
- confidence: high
- sec_items: 2.04
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1039466/000118518524000110/0001185185-24-000110-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1039466/000118518524000110/novaccess20240122_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001185185-24-000110
- JSON: https://secwatch.observer/filing/0001185185-24-000110.json
- Plain text: https://secwatch.observer/filing/0001185185-24-000110.txt

## Key facts
- Debt Financings
  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
  source text: 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/1039466/000118518524000110/0001185185-24-000110-index.htm
- Debt Financings
  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
  source text: 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).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1039466/000118518524000110/0001185185-24-000110-index.htm

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