{"schema_version":"secwatch.filing_event.v1","accession":"0001213900-25-023289","form_type":"8-K","ticker":null,"cik":"0001885336","company_name":"FORMATION MINERALS, INC.","filed_at":"2025-03-12T23:59:59+00:00","discovered_at":"2026-05-14T18:03:05.479191+00:00","generated_at":"2026-05-24T22:45:17.456194+00:00","sec_items":["1.01","2.03","3.02","9.01"],"event_type":"debt","sentiment":"neutral","materiality_score":0.45,"calibrated_materiality_score":0.45,"confidence":"high","headline":"Formation Minerals issues $60K convertible promissory note to Alumni Capital LP","bullets":["Net proceeds of $50K after $10K original issue discount; note matures May 5, 2025.","Interest at 10% per annum; default interest rate of 22%.","Convertible into common stock at 60% of lowest 30-day trading price (40% discount).","Funds for legal and general working capital; Enclave Capital receives 8% fee."],"urls":{"canonical":"https://secwatch.observer/filing/0001213900-25-023289","json":"https://secwatch.observer/filing/0001213900-25-023289.json","markdown":"https://secwatch.observer/filing/0001213900-25-023289.md","text":"https://secwatch.observer/filing/0001213900-25-023289.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1885336/000121390025023289/0001213900-25-023289-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1885336/000121390025023289/ea0234178-8k_formation.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-05-24T22:45:17.456194+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[{"claim_id":"078db518f5e1dd3f6df39ccdb85ca27ae2212b4b","claim":"FORMATION MINERALS, INC. incurred loan of $60,000 principal amount, issued at $50,000 purchase price with $10,000 original issue discount with Alumni Capital, LP at 10% per annum from issue date; 22% default rate on past due amounts maturing May 5, 2025.","evidence_excerpt":"On March 5, 2025, (the \"Issue Date\") the Company issued and sold to Alumni Capital, LP, a Delaware limited partnership (\"Alumni\"), a Promissory Note (the \"Alumni Note\") in the principal amount of $60,000, for a purchase price of $50,000, reflecting an original issue discount of $10,000, which matures on May 5, 2025, pursuant to a Securities Purchase agreement (the \"Alumni Purchase Agreement\"), dated as of May 5, 2025, by and between the Company and Alumni.","evidence_source":"SEC 8-K Item 2.03/2.04","evidence_url":"https://www.sec.gov/Archives/edgar/data/1885336/000121390025023289/0001213900-25-023289-index.htm","confidence":0.97,"family_label":"Debt Financings","details":[{"label":"Instrument","value":"loan"},{"label":"Principal","value":"$60,000 principal amount, issued at $50,000 purchase price with $10,000 original issue discount"},{"label":"Counterparty","value":"Alumni Capital, LP"},{"label":"Rate","value":"10% per annum from issue date; 22% default rate on past due amounts"},{"label":"Maturity","value":"May 5, 2025"},{"label":"Event","value":"incurrence"}],"fact_type":"debt_financing"}],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}