---
schema_version: "secwatch.filing_event.v1"
accession: "0001213900-23-060864"
form_type: "8-K"
ticker: null
cik: "0001704795"
company_name: "Bantec, Inc."
filed_at: "2023-07-28T23:59:59+00:00"
generated_at: "2026-06-12T23:08:55.801071+00:00"
event_type: "debt"
sentiment: "negative"
materiality_score: 0.5
calibrated_materiality_score: 0.5
confidence: "high"
source: SEC EDGAR
---

# Bantec enters $90,400 convertible note with 14% interest, 10% OID, and deep discount conversion

## Summary
- Principal $90,400 with $10,400 OID; net proceeds ~$80,000 for working capital.
- Ten monthly payments of $10,305.60; first due Aug 30, 2023; matures May 15, 2024.
- Unsecured note; upon default, 150% default amount + 22% interest; conversion at 39% of lowest closing price in prior 10 days.
- Proceeds for working capital; issued in private placement under Section 4(a)(2)/Reg D.
- Conversion capped at 4.99% beneficial ownership.

## SEC filing metadata
- accession: 0001213900-23-060864
- form_type: 8-K
- cik: 0001704795
- company_name: Bantec, Inc.
- filed_at: 2023-07-28T23:59:59+00:00
- event_type: debt
- sentiment: negative
- materiality_score: 0.5
- calibrated_materiality_score: 0.5
- confidence: high
- sec_items: 1.01, 2.03, 3.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1704795/000121390023060864/0001213900-23-060864-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1704795/000121390023060864/ea182542-8k_bantec.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001213900-23-060864
- JSON: https://secwatch.observer/filing/0001213900-23-060864.json
- Plain text: https://secwatch.observer/filing/0001213900-23-060864.txt

## Key facts
- Debt Financings
  Bantec, Inc. incurred loan of $90,400 principal amount, including an original issue discount of $10,400.00 with 1800 Diagonal Lending LLC at 14% interest charge of $12,565.00, and default interest at 22% per annum maturing May 15, 2024.
  - Instrument: loan
  - Principal: $90,400 principal amount, including an original issue discount of $10,400.00
  - Counterparty: 1800 Diagonal Lending LLC
  - Rate: 14% interest charge of $12,565.00, and default interest at 22% per annum
  - Maturity: May 15, 2024
  - Event: incurrence
  source text: On July 17, 2023, Bantec, Inc. (the “Company”) entered into the Securities Purchase Agreement (the “Agreement”) with 1800 Diagonal Lending LLC (“Lender”), pursuant to which the Company issued a promissory note (the “Note”) to the Lender in the principal amount of $90,400, including an original issue discount of $10,400.00.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1704795/000121390023060864/0001213900-23-060864-index.htm
- Material Agreements
  Bantec, Inc. entered into Securities Purchase Agreement with 1800 Diagonal Lending LLC valued at $90,400 (effective 2023-07-17).
  - Action: entry
  - Agreement: credit facility
  - Counterparty: 1800 Diagonal Lending LLC
  - Value: $90,400
  - Effective: 2023-07-17
  source text: On July 17, 2023, Bantec, Inc. (the “Company”) entered into the Securities Purchase Agreement (the “Agreement”) with 1800 Diagonal Lending LLC (“Lender”), pursuant to which the Company issued a promissory note (the “Note”) to the Lender in the principal amount of $90,400, including an original issue discount of $10,400.00.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1704795/000121390023060864/0001213900-23-060864-index.htm

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