Bantec, Inc.: debt financing — Bantec issues $49K convertible note to 1800 Diagonal Lending at 10% interest

Bantec, Inc.

Principal $49,000; interest 10% (22% default); conversion price at 65% of two lowest closing prices in prior 15 trading days.
Matures Sept 6, 2024; prepayment options at 120-130% of principal; no collateral.
Proceeds for working capital; company reimburses $5k in buyer legal and due diligence fees.
Note issued in private placement exempt from registration under Section 4(a)(2) and Regulation D.
Events of default include failure to pay or to issue conversion shares; penalties up to 150% of default sum.

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

Bantec, Inc. incurred convertible notes of $49,000 with 1800 Diagonal Lending LLC at 10% per annum maturing September 6, 2024.

Instrument: convertible notes
Principal: $49,000
Counterparty: 1800 Diagonal Lending LLC
Rate: 10% per annum
Maturity: September 6, 2024
Event: incurrence

Exact text from the filing

the Company issued a promissory note (the “Note”) to the Lender in the principal amount of $49,000.

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

Bantec, Inc. entered into Securities Purchase Agreement with 1800 Diagonal Lending LLC valued at $49,000 (effective 2023-09-06).

Action: entry
Agreement: equity purchase
Counterparty: 1800 Diagonal Lending LLC
Value: $49,000
Effective: 2023-09-06

Exact text from the filing

Bantec, Inc. (the “Company”) and 1800 Diagonal Lending LLC (“Lender”)entered into the Securities Purchase Agreement, dated as of September 6, 2023 (the “Agreement”), pursuant to which the Company issued a promissory note (the “Note”) to the Lender in the principal amount of $49,000.

View on SEC.gov

Browse all debt financings →

Source: SEC EDGAR

accession 0001213900-23-076434

view filing index on sec.gov

view primary document

Machine-readable: JSON · Markdown · Plain text

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.