U.S. Lighting Group, Inc.: debt financing — US Lighting Group issues $241,250 in unsecured promissory notes to CEO and controller to fund operations

U.S. Lighting Group, Inc.

CEO Anthony Corpora lent $89,000 via personal SoFi loan; USLG issued pass-through note at 18.36%, 48 monthly payments.
Controller Michael Coates lent $152,250 via two personal loans; USLG issued notes at 13.35% and 19.49% interest.
Total proceeds of $241,250 used to support Cortes Campers production as company cites ongoing capital shortages.
Notes are unsecured, pass-through terms without markup; USLG must make monthly payments directly to officers.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.95

U.S. Lighting Group, Inc. incurred loan of original principal amount of $89,000 with SoFi Bank, N.A. at annual interest of 18.36%.

Instrument: loan
Principal: original principal amount of $89,000
Counterparty: SoFi Bank, N.A.
Rate: annual interest of 18.36%
Event: incurrence

Exact text from the filing

On August 17, 2023, Mr. Corpora executed a loan agreement with SoFi Bank evidencing the loan in the original principal amount of $89,000, bearing annual interest of 18.36%, and with 48 monthly payments of $2,631.53 commencing on September 17, 2023 with the final payment on August 17, 2027

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Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.95

U.S. Lighting Group, Inc. incurred loan of original principal amount of $75,000 with SoFi Bank, N.A. at annual interest of 13.35%.

Instrument: loan
Principal: original principal amount of $75,000
Counterparty: SoFi Bank, N.A.
Rate: annual interest of 13.35%
Event: incurrence

Exact text from the filing

On August 29, 2023, Mr. Coates executed a loan agreement with SoFi Bank evidencing the loan in the original principal amount of $75,000, bearing annual interest of 13.35%, and with 60 monthly payments of $1,724.11 commencing on October 5, 2023 with the final payment on September 5, 2028

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Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.85

U.S. Lighting Group, Inc. incurred loan with Anthony R. Corpora.

Instrument: loan
Counterparty: Anthony R. Corpora
Event: incurrence

Exact text from the filing

On September 29, 2023, we entered into unsecured "pass-through" promissory notes with Messer. Corpora and Coates that provide for repayment to them on the same terms as the Corpora SoFi loan and the Coates SoFi and Pinacle loans, without markup or profit

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Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.95

U.S. Lighting Group, Inc. incurred loan of original principal amount of $77,250 with Pinnacle Bank, N.A. at annual interest of 19.49%.

Instrument: loan
Principal: original principal amount of $77,250
Counterparty: Pinnacle Bank, N.A.
Rate: annual interest of 19.49%
Event: incurrence

Exact text from the filing

On September 1, 2023, Mr. Coates executed an unsecured promissory note payable to Pinnacle Bank evidencing the loan in the original principal amount of $77,250, bearing annual interest of 19.49%, and with 84 monthly payments of $1,691.79 commencing on October 1, 2023 with the final payment on September 1, 2030

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Source: SEC EDGAR

accession 0001213900-23-080965

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