NightFood Holdings, Inc. (NGTF): debt financing — Nightfood issues $62K promissory note to Mast Hill; proceeds for cookie production and compliance

NightFood Holdings, Inc.

Principal amount $62,000 includes $9,300 OID; net proceeds $52,700 received.
Note matures 12 months from Nov 17, 2023; convertible at $0.033 per share with 4.99% beneficial ownership cap.
Proceeds allocated to compliance expenses, development/production of three Nightfood cookie flavors, and general operating costs.
Company may prepay at 100% principal plus interest; default triggers 150% of outstanding amount.

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

NightFood Holdings, Inc. incurred loan of $62,000 with Mast Hill Fund, L.P. at 16% per annum maturing the 12-month anniversary of the Issuance Date.

Instrument: loan
Principal: $62,000
Counterparty: Mast Hill Fund, L.P.
Rate: 16% per annum
Maturity: the 12-month anniversary of the Issuance Date
Event: incurrence

Exact text from the filing

and issued and sold to Mast Hill Fund, L.P. (“Mast Hill”), a Promissory Note (the “MH Note”) in the principal amount of $62,000 (actual amount of purchase price of $52,700 plus an original issue discount (“OID”) in the amount of $9,300).

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NightFood Holdings, Inc. filing history →

Source: SEC EDGAR

accession 0001213900-23-088732

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