---
schema_version: "secwatch.filing_event.v1"
accession: "0001185185-24-000135"
form_type: "8-K"
ticker: null
cik: "0001039466"
company_name: "NovAccess Global Inc."
filed_at: "2024-02-06T23:59:59+00:00"
generated_at: "2026-06-06T07:39:30.270859+00:00"
event_type: "debt"
sentiment: "negative"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

# NovAccess Global defaults on $55K convertible note; faces $86K demand and conversion risk

## Summary
- 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.

## SEC filing metadata
- accession: 0001185185-24-000135
- form_type: 8-K
- cik: 0001039466
- company_name: NovAccess Global Inc.
- filed_at: 2024-02-06T23:59:59+00:00
- event_type: debt
- sentiment: negative
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 2.04
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1039466/000118518524000135/0001185185-24-000135-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1039466/000118518524000135/novaccess20240205_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001185185-24-000135
- JSON: https://secwatch.observer/filing/0001185185-24-000135.json
- Plain text: https://secwatch.observer/filing/0001185185-24-000135.txt

## Key facts
- Debt Financings
  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
  source text: (“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
  evidence_url: https://www.sec.gov/Archives/edgar/data/1039466/000118518524000135/0001185185-24-000135-index.htm

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