NovAccess Global Inc.: debt financing — NovAccess Global defaults on $55K convertible note; faces $86K demand and conversion risk

NovAccess Global Inc.

Default triggered by failure to file 2023 annual report; lender 13 Paul Lending demanded $86,000 (150% of $57,000 outstanding).
Company lacks funds to repay; lender may convert outstanding amount into common stock at significant discount.
Separate $10.68M equity/debt deal with Sumner Global LLC not closed; expected to close 'shortly' but contingent on Sumner's financing.
AJB Capital Investments loaned funds to commence audit; company expects to file 2023 annual report by Feb 12, 2024.
Company states it cannot guarantee ability to repay, complete Sumner deal, or file required reports.

item 2.04

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 $55,000 with 13 Paul Lending LLC.

Instrument: convertible notes
Principal: $55,000
Counterparty: 13 Paul Lending LLC
Event: default

Exact text from the filing

(“NovAccess,” the “company,” “we” or “us”) issued a convertible promissory note to 13 Paul Lending LLC on August 16, 2023. Pursuant to the note, 13 Paul Lending loaned NovAccess $55,000. The note has a provision that requires us to make all filings with the Securities and Exchange Commission required by the Securities Exchange Act of 1934. We have not filed the

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Source: SEC EDGAR

accession 0001185185-24-000135

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