---
schema_version: "secwatch.filing_event.v1"
accession: "0001185185-24-000196"
form_type: "8-K"
ticker: null
cik: "0001039466"
company_name: "NovAccess Global Inc."
filed_at: "2024-02-28T23:59:59+00:00"
generated_at: "2026-06-05T07:53:41.489177+00:00"
event_type: "debt"
sentiment: "negative"
materiality_score: 0.45
calibrated_materiality_score: 0.45
confidence: "high"
source: SEC EDGAR
---

# NovAccess Global issues $100K promissory note to AJB Capital with 20% OID, 12% interest, due Aug 2024

## Summary
- Initial draw of $25,000 for working capital; additional $25,000 draws on March 15 and April 15, 2024.
- Note bears 12% interest, 20% original issue discount, due August 27, 2024; must prepay from any capital raise over $5M.
- Upon default, interest rises to 18%, amounts may double, and AJB can convert outstanding into shares at market discount.
- Company granted AJB a security interest in all assets, including equity of StemVax LLC, under a security agreement.
- Registration rights agreement requires filing Form S-1 by May 27, 2024 to register conversion shares for resale.

## SEC filing metadata
- accession: 0001185185-24-000196
- form_type: 8-K
- cik: 0001039466
- company_name: NovAccess Global Inc.
- filed_at: 2024-02-28T23:59:59+00:00
- event_type: debt
- sentiment: negative
- materiality_score: 0.45
- calibrated_materiality_score: 0.45
- confidence: high
- sec_items: 1.01, 2.03, 3.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1039466/000118518524000196/0001185185-24-000196-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1039466/000118518524000196/novaccess20240227c_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001185185-24-000196
- JSON: https://secwatch.observer/filing/0001185185-24-000196.json
- Plain text: https://secwatch.observer/filing/0001185185-24-000196.txt

## Key facts
- Debt Financings
  NovAccess Global Inc. incurred loan of up to $100,000 with AJB Capital Investments, LLC at 12% a year maturing August 27, 2024.
  - Instrument: loan
  - Principal: up to $100,000
  - Counterparty: AJB Capital Investments, LLC
  - Rate: 12% a year
  - Maturity: August 27, 2024
  - Event: incurrence
  source text: issued a promissory note in the principal amount of up to $100,000 (the “note”) to AJB pursuant to the SPA. NovAccess made an initial draw of $25,000
  evidence_url: https://www.sec.gov/Archives/edgar/data/1039466/000118518524000196/0001185185-24-000196-index.htm
- Material Agreements
  NovAccess Global Inc. entered into securities purchase agreement with AJB Capital Investments, LLC valued at $100,000 (effective 2024-02-27).
  - Action: entry
  - Agreement: equity purchase
  - Counterparty: AJB Capital Investments, LLC
  - Value: $100,000
  - Effective: 2024-02-27
  source text: On February 27, 2024, NovAccess Global Inc. (“NovAccess” or the “company”) entered into a securities purchase agreement (the “SPA”) with AJB Capital Investments, LLC (“AJB”) and issued a promissory note in the principal amount of up to $100,000 (the “note”) to AJB pursuant to the SPA.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1039466/000118518524000196/0001185185-24-000196-index.htm

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