---
schema_version: "secwatch.filing_event.v1"
accession: "0001213900-23-076434"
form_type: "8-K"
ticker: null
cik: "0001704795"
company_name: "Bantec, Inc."
filed_at: "2023-09-13T23:59:59+00:00"
generated_at: "2026-06-10T19:11:47.065897+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.5
calibrated_materiality_score: 0.5
confidence: "high"
source: SEC EDGAR
---

# Bantec issues $49K convertible note to 1800 Diagonal Lending at 10% interest

## Summary
- 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.

## SEC filing metadata
- accession: 0001213900-23-076434
- form_type: 8-K
- cik: 0001704795
- company_name: Bantec, Inc.
- filed_at: 2023-09-13T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- 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/1704795/000121390023076434/0001213900-23-076434-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1704795/000121390023076434/ea185173-8k_bantec.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001213900-23-076434
- JSON: https://secwatch.observer/filing/0001213900-23-076434.json
- Plain text: https://secwatch.observer/filing/0001213900-23-076434.txt

## Key facts
- Debt Financings
  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
  source text: the Company issued a promissory note (the “Note”) to the Lender in the principal amount of $49,000.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1704795/000121390023076434/0001213900-23-076434-index.htm
- Material Agreements
  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
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1704795/000121390023076434/0001213900-23-076434-index.htm

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