Extracted from this filing and checked against the source text.
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.9
SCHMITT INDUSTRIES INC reported a default on loan of $4,280,626.78 including principal, interest, and fees under the Consolidated Promissory Note dated July 14, 2023... in t with Sententia Capital Management LLC.
- Instrument
- loan
- Principal
- $4,280,626.78 including principal, interest, and fees under the Consolidated Promissory Note dated July 14, 2023... in t
- Counterparty
- Sententia Capital Management LLC
- Event
- default
Exact text from the filing
On May 11, 2026, Schmitt Industries, Inc. (the Company) received a Notice of Default under Loan Documents between the Company and Sententia Capital Management LLC (Sententia). The notice claims a total obligation by the Company in the amount of $4,280,626.78 including principal, interest, and fees under the Consolidated Promissory Note dated July 14, 2023, issued by the Company to Sententia, in the amount of $2,638,885.21.
View on SEC.gov
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.9
SCHMITT INDUSTRIES INC reported a default on convertible notes of $402,131.51 including principal, interest, and fees under the 12% Secured Convertible Promissory Note, dated July 14, 20 with Sententia Capital Management LLC at 12%.
- Instrument
- convertible notes
- Principal
- $402,131.51 including principal, interest, and fees under the 12% Secured Convertible Promissory Note, dated July 14, 20
- Counterparty
- Sententia Capital Management LLC
- Rate
- 12%
- Event
- default
Exact text from the filing
The notice also claims $402,131.51 including principal, interest, and fees under the 12% Secured Convertible Promissory Note, dated July 14, 2023, issued by Schmitt Measurement Systems, Inc., a subsidiary of of the Company, in the amount of $300,000.
View on SEC.gov