secwatch.observer — SEC 8-K summary
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Issuer:     NovAccess Global Inc. (—)
CIK:        0001039466
Form:       8-K
Filed at:   2024-01-22T23:59:59+00:00
Accession:  0001185185-24-000110
Event type: debt
Sentiment:  negative
Materiality: 0.90
Item codes: 2.04
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1039466/000118518524000110/0001185185-24-000110-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1039466/000118518524000110/novaccess20240122_8k.htm
  HTML page:      https://secwatch.observer/filing/0001185185-24-000110

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