8-K
filed January 5, 2024, 6:59 PM ET
CIK 0001669400
debt
confidence high
sentiment neutral
materiality 0.65
Veritas Farms, Inc.: debt financing — Veritas Farms issues $3M secured convertible note to principal shareholder; extends prior note maturity to 2027
Veritas Farms, Inc.
- Issued secured convertible promissory note for up to $3,000,000 to Cornelis F. Wit Revocable Living Trust, a principal shareholder.
- Note convertible at $0.02 per share, interest 10% per annum, matures January 1, 2027.
- Proceeds used for working capital; note secured by all company assets.
- Second amendment extends maturity of prior $3M note from October 1, 2024 to January 1, 2027.
- The prior note was originally dated October 12, 2021, amended March 9, 2022; this amendment further extends.
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
Veritas Farms, Inc. amended convertible notes with Cornelis F. Wit Revocable Living Trust maturing January 1, 2027.
- Instrument
- convertible notes
- Counterparty
- Cornelis F. Wit Revocable Living Trust
- Maturity
- January 1, 2027
- Event
- amendment
Exact text from the filing
the Company and the Wit Trust entered into an Second Amendment to Secured Convertible Promissory Note originally signed October 21, 2021, which was then amended and restated March 9, 2022, pursuant to which the Company and the Wit Trust amended the Secured Convertible Credit Line Promissory Note in order to extended the maturity date of the Secured Convertible Credit Line Promissory Note from October 1, 2024 to January 1, 2027.
View on SEC.gov
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.9
Veritas Farms, Inc. incurred convertible notes of up to $3,000,000 with Cornelis F. Wit Revocable Living Trust at 10% per annum maturing January 01, 2027.
- Instrument
- convertible notes
- Principal
- up to $3,000,000
- Counterparty
- Cornelis F. Wit Revocable Living Trust
- Rate
- 10% per annum
- Maturity
- January 01, 2027
- Event
- incurrence
Exact text from the filing
On December 31, 2023, Veritas Farms, Inc. (the “Company”) issued a secured convertible credit line promissory note in the principal amount for up to $3,000,000 (the “December 2023 Secured Convertible Promissory Note”), to the Cornelis F. Wit Revocable Living Trust
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
Veritas Farms, Inc. amended Second Amendment to Secured Convertible Promissory Note with Cornelis F. Wit Revocable Living Trust (effective 2023-12-31).
- Action
- amendment
- Agreement
- notes offering
- Counterparty
- Cornelis F. Wit Revocable Living Trust
- Effective
- 2023-12-31
Exact text from the filing
On December 31, 2023, the Company and the Wit Trust entered into an Second Amendment to Secured Convertible Promissory Note originally signed October 21, 2021, which was then amended and restated March 9, 2022, pursuant to which the Company and the Wit Trust amended the Secured Convertible Credit Line Promissory Note in order to extended the maturity date of the Secured Convertible Credit Line Promissory Note from October 1, 2024 to January 1, 2027.
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
Veritas Farms, Inc. entered into December 2023 Secured Convertible Promissory Note with Cornelis F. Wit Revocable Living Trust valued at principal amount for up to $3,000,000 (effective 2023-12-31).
- Action
- entry
- Agreement
- notes offering
- Counterparty
- Cornelis F. Wit Revocable Living Trust
- Value
- principal amount for up to $3,000,000
- Effective
- 2023-12-31
Exact text from the filing
On December 31, 2023, Veritas Farms, Inc. (the “Company”) issued a secured convertible credit line promissory note in the principal amount for up to $3,000,000 (the “December 2023 Secured Convertible Promissory Note”), to the Cornelis F. Wit Revocable Living Trust (the “Wit Trust”), a principal shareholder who holds securities of the Company that constitute a majority of the voting securities of the Company.
View on SEC.gov
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