secwatch.observer — SEC 8-K summary
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Issuer:     NovAccess Global Inc. (—)
CIK:        0001039466
Form:       8-K
Filed at:   2024-05-17T23:59:59+00:00
Accession:  0001185185-24-000544
Event type: other_material
Sentiment:  negative
Materiality: 0.70
Item codes: 1.01, 2.03, 3.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

NovAccess issues $117K note to AJB Capital, acquires 18.6% of Fendix Media for shares
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- Issued $117,000 promissory note to AJB Capital with 12% interest, due Nov 13, 2024; 10% OID; warrants for 10M shares at $0.0001 each.
- Proceeds from AJB note used to repay all remaining debt to 1800 Diagonal Lending LLC, retiring that obligation.
- Acquired 18.6% ownership in Fendix Media in exchange for 14,795,455 newly-issued unregistered shares of NovAccess common stock.
- Previously disclosed $3.63M equity and $7.05M loan from Sumner Global remains pending; close expected but not guaranteed.
- AJB note includes default conversion at a discount, 18% default interest, and covenants restricting asset sales and additional debt.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1039466/000118518524000544/0001185185-24-000544-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1039466/000118518524000544/novaccess20240517_8k.htm
  HTML page:      https://secwatch.observer/filing/0001185185-24-000544

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer