secwatch.observer — SEC 8-K summary
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Issuer:     Bantec, Inc. (—)
CIK:        0001704795
Form:       8-K
Filed at:   2023-09-13T23:59:59+00:00
Accession:  0001213900-23-076434
Event type: debt
Sentiment:  neutral
Materiality: 0.50
Item codes: 1.01, 2.03, 3.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1704795/000121390023076434/0001213900-23-076434-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1704795/000121390023076434/ea185173-8k_bantec.htm
  HTML page:      https://secwatch.observer/filing/0001213900-23-076434

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer