Bantec, Inc.: debt financing — Bantec issues $90,400 promissory note with 14% interest and variable conversion at 39% discount

Bantec, Inc.

Principal $90,400 includes $10,400 original issue discount; net proceeds ~$80,000.
Ten monthly payments of $10,305.60; interest charge $12,565 (14%); maturity Aug 30, 2024.
Note unsecured; default triggers 150% of outstanding + 22% default interest; convertible at 39% of lowest closing price in prior 10 trading days.
Proceeds for general working capital; prior notes from 2021/2022 had been converted to common stock.
Issued in private placement under Section 4(a)(2) and Regulation D.

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 $90,400 with 1800 Diagonal Lending LLC at one-time interest charge of 14% maturing August 30, 2024.

Instrument: convertible notes
Principal: $90,400
Counterparty: 1800 Diagonal Lending LLC
Rate: one-time interest charge of 14%
Maturity: August 30, 2024
Event: incurrence

Exact text from the filing

On October 26, 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.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Bantec, Inc. entered into Securities Purchase Agreement with 1800 Diagonal Lending LLC valued at $90,400 (effective 2023-10-26).

Action: entry
Agreement: equity purchase
Counterparty: 1800 Diagonal Lending LLC
Value: $90,400
Effective: 2023-10-26

Exact text from the filing

On October 26, 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

View on SEC.gov

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Source: SEC EDGAR

accession 0001213900-23-083852

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