secwatch.observer — SEC 8-K summary
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Issuer:     Veritas Farms, Inc. (—)
CIK:        0001669400
Form:       8-K
Filed at:   2023-06-14T23:59:59+00:00
Accession:  0001213900-23-048665
Event type: debt
Sentiment:  negative
Materiality: 0.65
Item codes: 1.01, 2.03, 3.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Veritas Farms enters $3M secured convertible credit line with majority shareholder at $0.02/share
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- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1669400/000121390023048665/0001213900-23-048665-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1669400/000121390023048665/ea180241-8k_veritasfarms.htm
  HTML page:      https://secwatch.observer/filing/0001213900-23-048665

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