{"schema_version":"secwatch.filing_event.v1","accession":"0001213900-23-048665","form_type":"8-K","ticker":null,"cik":"0001669400","company_name":"Veritas Farms, Inc.","filed_at":"2023-06-14T23:59:59+00:00","discovered_at":"2026-05-14T18:03:39.956118+00:00","generated_at":"2026-06-14T01:18:47.495114+00:00","sec_items":["1.01","2.03","3.02","9.01"],"event_type":"debt","sentiment":"negative","materiality_score":0.65,"calibrated_materiality_score":0.65,"confidence":"high","headline":"Veritas Farms enters $3M secured convertible credit line with majority shareholder at $0.02/share","bullets":["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."],"urls":{"canonical":"https://secwatch.observer/filing/0001213900-23-048665","json":"https://secwatch.observer/filing/0001213900-23-048665.json","markdown":"https://secwatch.observer/filing/0001213900-23-048665.md","text":"https://secwatch.observer/filing/0001213900-23-048665.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1669400/000121390023048665/0001213900-23-048665-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1669400/000121390023048665/ea180241-8k_veritasfarms.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-06-14T01:18:47.495114+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[{"claim_id":"5ad8321142d47aae99367c0c5775c6fb9f66dad0","claim":"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.","evidence_excerpt":"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.","evidence_source":"SEC 8-K Item 2.03/2.04","evidence_url":"https://www.sec.gov/Archives/edgar/data/1669400/000121390023048665/0001213900-23-048665-index.htm","confidence":0.9,"family_label":"Debt Financings","details":[{"label":"Instrument","value":"convertible notes"},{"label":"Principal","value":"up to $3,000,000"},{"label":"Counterparty","value":"Cornelis F. Wit Revocable Living Trust"},{"label":"Rate","value":"10% per annum"},{"label":"Maturity","value":"October 01, 2026"},{"label":"Event","value":"incurrence"}],"fact_type":"debt_financing"},{"claim_id":"b9ef22ba74e59f6f95af3052749f3bdd8cc3851a","claim":"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.","evidence_excerpt":"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","evidence_source":"SEC 8-K Item 2.03/2.04","evidence_url":"https://www.sec.gov/Archives/edgar/data/1669400/000121390023048665/0001213900-23-048665-index.htm","confidence":0.9,"family_label":"Debt Financings","details":[{"label":"Instrument","value":"convertible notes"},{"label":"Principal","value":"$1,750,000"},{"label":"Counterparty","value":"Cornelis F. Wit Revocable Living Trust"},{"label":"Rate","value":"10% per annum"},{"label":"Maturity","value":"October 01, 2026"},{"label":"Event","value":"amendment"}],"fact_type":"debt_financing"},{"claim_id":"808878f6836ecc97dfee4928a68230bda423a6be","claim":"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).","evidence_excerpt":"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","evidence_source":"SEC 8-K Item 1.01/1.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/1669400/000121390023048665/0001213900-23-048665-index.htm","confidence":0.95,"family_label":"Material Agreements","details":[{"label":"Action","value":"amendment"},{"label":"Agreement","value":"credit facility"},{"label":"Counterparty","value":"Cornelis F. Wit Revocable Living Trust"},{"label":"Value","value":"amended seven prior notes aggregating $1,750,000"},{"label":"Effective","value":"2023-06-07"}],"fact_type":"material_agreement"},{"claim_id":"d209b579ac29f52b08e9c523cc60d60bc2d3e1bc","claim":"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).","evidence_excerpt":"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.","evidence_source":"SEC 8-K Item 1.01/1.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/1669400/000121390023048665/0001213900-23-048665-index.htm","confidence":0.95,"family_label":"Material Agreements","details":[{"label":"Action","value":"entry"},{"label":"Agreement","value":"credit facility"},{"label":"Counterparty","value":"Cornelis F. Wit Revocable Living Trust"},{"label":"Value","value":"principal amount up to $3,000,000"},{"label":"Effective","value":"2023-06-07"}],"fact_type":"material_agreement"}],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}