secwatch.observer — SEC 8-K summary
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Issuer:     C-Bond Systems, Inc (—)
CIK:        0001421636
Form:       8-K
Filed at:   2024-03-07T23:59:59+00:00
Accession:  0001213900-24-020790
Event type: debt
Sentiment:  negative
Materiality: 0.60
Item codes: 1.01, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

C-Bond Systems enters $157K debt financing with conversion upon default at 35% discount
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- Issued $157K promissory note (incl. $13K OID) to 1800 Diagonal Lending; funded $125K; net proceeds ~$106K after $19K fees.
- Interest 12% p.a., monthly payments start Aug 30, 2024; default triggers 22% interest and 220% payoff or conversion at the greater of $0.0025 or 65% of 10-day VWAP.
- Conversion only on default; price is greater of $0.0025 fixed or 65% of lowest closing bid in prior 10 trading days (35% discount).
- Proceeds for general working capital; buyer also receives $19K expense reimbursement for legal and due diligence.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1421636/000121390024020790/0001213900-24-020790-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1421636/000121390024020790/ea0201334-8k_cbond.htm
  HTML page:      https://secwatch.observer/filing/0001213900-24-020790

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