8-K
filed June 14, 2023, 7:59 PM ET
CIK 0001669400
debt
confidence high
sentiment negative
materiality 0.65
Veritas Farms, Inc.: debt financing — Veritas Farms enters $3M secured convertible credit line with majority shareholder at $0.02/share
Veritas Farms, Inc.
- New note consolidates $1.75M in prior notes and provides up to $1.25M additional working capital.
- Interest at 10% p.a.; conversion price $0.02 per share; maturity October 1, 2026.
- Secured by all assets; draws in $250K increments; holder can convert at any time.
- Proceeds for working capital; note issued to Cornelis F. Wit Revocable Living Trust.
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
Veritas Farms, Inc. incurred convertible notes of up to $3,000,000 with Cornelis F. Wit Revocable Living Trust at 10% per annum maturing October 01, 2026.
- Instrument
- convertible notes
- Principal
- up to $3,000,000
- Counterparty
- Cornelis F. Wit Revocable Living Trust
- Rate
- 10% per annum
- Maturity
- October 01, 2026
- Event
- incurrence
Exact text from the filing
On June 7, 2023, Veritas Farms, Inc. (the “Company”) issued a secured convertible credit line promissory note in the principal amount for up to $3,000,000 (the “2023 Secured Convertible Promissory Note”), to the Cornelis F. Wit Revocable Living Trust (the “Wit Trust”), a principal shareholder who holds securities of the Company that constitute a majority of the voting securities of the Company.
View on SEC.gov
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.9
Veritas Farms, Inc. amended convertible notes of $1,750,000 with Cornelis F. Wit Revocable Living Trust at 10% per annum maturing October 01, 2026.
- Instrument
- convertible notes
- Principal
- $1,750,000
- Counterparty
- Cornelis F. Wit Revocable Living Trust
- Rate
- 10% per annum
- Maturity
- October 01, 2026
- Event
- amendment
Exact text from the filing
of the voting securities of the Company. The 2023 Secured Convertible Promissory Note includes and evidences the outstanding indebtedness in the original principal amount of $1,750,000 of the Company to the Wit Trust pursuant to previously executed and delivered secured convertible promissory notes by the Company for the benefit of the Wit Trust pursuant to the
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.95
Veritas Farms, Inc. amended Amendment to Secured Convertible Promissory Notes with Cornelis F. Wit Revocable Living Trust valued at amended seven prior notes aggregating $1,750,000 (effective 2023-06-07).
- Action
- amendment
- Agreement
- credit facility
- Counterparty
- Cornelis F. Wit Revocable Living Trust
- Value
- amended seven prior notes aggregating $1,750,000
- Effective
- 2023-06-07
Exact text from the filing
On June 7, 2023, the Company and the Wit Trust entered into an Amendment to Secured Convertible Promissory Notes, pursuant to which the Company and the Wit Trust amended the following seven previously executed secured convertible promissory notes held by the Wit Trust (the “Amendment to Secured Convertible Promissory Notes”): Secured Convertible Promissory Note dated August 2, 2022 in the original principal amount of $250,000, the Secured Convertible Promissory Note dated August 17, 2022 in the original principal amount of $250,000, the Secured Convertible Promissory Note dated September 6, 2022 in the original principal amount of $250,000, the Secured Convertible Promissory Note dated October 11, 2022 in the original principal amount of $250,000, the Secured Convertible Promissory Note dated November 16, 2022 in the original principal amount of $250,000, the Secured Convertible Promissory Note dated January 3, 2023 in the original principal amount of $250,000, and the Secured Converti
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.95
Veritas Farms, Inc. entered into 2023 Secured Convertible Promissory Note with Cornelis F. Wit Revocable Living Trust valued at principal amount up to $3,000,000 (effective 2023-06-07).
- Action
- entry
- Agreement
- credit facility
- Counterparty
- Cornelis F. Wit Revocable Living Trust
- Value
- principal amount up to $3,000,000
- Effective
- 2023-06-07
Exact text from the filing
On June 7, 2023, Veritas Farms, Inc. (the “Company”) issued a secured convertible credit line promissory note in the principal amount for up to $3,000,000 (the “2023 Secured Convertible Promissory Note”), to the Cornelis F. Wit Revocable Living Trust (the “Wit Trust”), a principal shareholder who holds securities of the Company that constitute a majority of the voting securities of the Company.
View on SEC.gov
This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice.
See methodology for how this pipeline works.