secwatch.observer — SEC 8-K summary
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Issuer:     Bantec, Inc. (—)
CIK:        0001704795
Form:       8-K
Filed at:   2023-12-21T23:59:59+00:00
Accession:  0001213900-23-097411
Event type: debt
Sentiment:  neutral
Materiality: 0.55
Item codes: 1.01, 2.03, 3.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1704795/000121390023097411/0001213900-23-097411-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1704795/000121390023097411/ea190448-8k_bantec.htm
  HTML page:      https://secwatch.observer/filing/0001213900-23-097411

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