---
schema_version: "secwatch.filing_event.v1"
accession: "0001213900-23-097411"
form_type: "8-K"
ticker: null
cik: "0001704795"
company_name: "Bantec, Inc."
filed_at: "2023-12-21T23:59:59+00:00"
generated_at: "2026-06-07T09:10:26.938122+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.55
calibrated_materiality_score: 0.55
confidence: "high"
source: SEC EDGAR
---

# Bantec issues $40K convertible note to 1800 Diagonal Lending at 10% interest

## Summary
- Principal amount $40,000; interest 10% per annum (22% default rate); matures Dec 11, 2024.
- Conversion price set at 65% of the average of the two lowest closing prices in prior 15 trading days.
- Prepayment allowed: 120% of principal within 60 days, escalating to 130% through day 180.
- Proceeds used for general working capital; funding received Dec 18, 2023.
- Note is unsecured; includes customary events of default with penalties up to 150% of default sum.

## SEC filing metadata
- accession: 0001213900-23-097411
- form_type: 8-K
- cik: 0001704795
- company_name: Bantec, Inc.
- filed_at: 2023-12-21T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.55
- calibrated_materiality_score: 0.55
- confidence: high
- sec_items: 1.01, 2.03, 3.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1704795/000121390023097411/0001213900-23-097411-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1704795/000121390023097411/ea190448-8k_bantec.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001213900-23-097411
- JSON: https://secwatch.observer/filing/0001213900-23-097411.json
- Plain text: https://secwatch.observer/filing/0001213900-23-097411.txt

## Key facts
- Debt Financings
  Bantec, Inc. incurred convertible notes of $40,000 with 1800 Diagonal Lending LLC at 10% per annum maturing December 11, 2024.
  - Instrument: convertible notes
  - Principal: $40,000
  - Counterparty: 1800 Diagonal Lending LLC
  - Rate: 10% per annum
  - Maturity: December 11, 2024
  - Event: incurrence
  source text: Bantec, Inc. (the “Company”) and 1800 Diagonal Lending LLC (“Lender”)entered into the Securities Purchase Agreement, dated as of December 11, 2023 (the “Agreement”), pursuant to which the Company issued a promissory note (the “Note”) to the Lender in the principal amount of $40,000.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1704795/000121390023097411/0001213900-23-097411-index.htm
- Material Agreements
  Bantec, Inc. entered into Securities Purchase Agreement with 1800 Diagonal Lending LLC valued at $40,000 (effective 2023-12-11).
  - Action: entry
  - Agreement: notes offering
  - Counterparty: 1800 Diagonal Lending LLC
  - Value: $40,000
  - Effective: 2023-12-11
  source text: Bantec, Inc. (the “Company”) and 1800 Diagonal Lending LLC (“Lender”)entered into the Securities Purchase Agreement, dated as of December 11, 2023 (the “Agreement”), pursuant to which the Company issued a promissory note (the “Note”) to the Lender in the principal amount of $40,000.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1704795/000121390023097411/0001213900-23-097411-index.htm

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