secwatch.observer — SEC 8-K summary
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Issuer:     Rapid Therapeutic Science Laboratories, Inc. (—)
CIK:        0001575659
Form:       8-K
Filed at:   2022-02-01T23:59:59+00:00
Accession:  0001393905-22-000031
Event type: debt
Sentiment:  neutral
Materiality: 0.55
Item codes: 1.01, 2.03, 3.02, 3.03, 9.01, 6.01
LLM model:  deepseek-v4-flash:cloud@v2

Rapid Therapeutic raises $400K via 18% convertible note with insider Suggs
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- Issued $400,000 promissory note to director J. Scott Suggs; interest 18% compounded monthly.
- Maturity January 26, 2023; prepayment penalty of up to $101,760 if company lists on national exchange.
- Upon event of default, holder can convert at 75% of 5-day VWAP (floor $0.000075/share).
- Proceeds used for working capital; company reserved ~10.8M shares initially, up to 6.3B shares on full conversion.
- Note unsecured; prohibits major asset sales without holder consent while outstanding.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1575659/000139390522000031/0001393905-22-000031-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1575659/000139390522000031/rtsl-20220128.htm
  HTML page:      https://secwatch.observer/filing/0001393905-22-000031

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