secwatch.observer — SEC 8-K summary
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Issuer:     NovAccess Global Inc. (—)
CIK:        0001039466
Form:       8-K
Filed at:   2024-02-06T23:59:59+00:00
Accession:  0001185185-24-000135
Event type: debt
Sentiment:  negative
Materiality: 0.80
Item codes: 2.04
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1039466/000118518524000135/0001185185-24-000135-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1039466/000118518524000135/novaccess20240205_8k.htm
  HTML page:      https://secwatch.observer/filing/0001185185-24-000135

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