8-K
filed April 3, 2023, 7:59 PM ET
CIK 0001043894
debt
confidence high
sentiment negative
materiality 0.60
WOLF ENERGY SERVICES INC.: debt financing — Wolf Energy raises $502,500 via $184,800 note and $350,000 cash advance agreements
WOLF ENERGY SERVICES INC.
- Promissory note for $184,800 (net $165,000) issued to Red Road Holdings; 12% interest, 22% default rate, matures March 2024.
- Subsidiary Pinnacle Frac enters two cash advance agreements, net proceeds $337,500; aggregate purchased amount $480,000.
- Note requires ten monthly payments of $20,697.60; conversion at 75% of 5-day bid price upon default.
- Company reserves 43,804,444 shares for potential note conversion; 4.99% beneficial ownership cap applies.
- CEO Jimmy Galla personally guarantees the subsidiary's cash advance obligations.
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
WOLF ENERGY SERVICES INC. entered an off-balance-sheet arrangement for debt of aggregate purchased amount of $480,000 with institutional financing parties.
- Principal
- aggregate purchased amount of $480,000
- Counterparty
- institutional financing parties
- Event
- off balance sheet
Exact text from the filing
Cash Advance and Future Receipts Agreements Effective March 29 2023, Pinnacle Frac Transport LLC, a wholly owned subsidiary of the Company (“Pinnacle Frac”), entered into separate agreements with an institutional financing parties (each, a “Purchaser”) to provide an aggregate net financing amount of approximately $350,000 prior to expenses and fees of approximately $12,500.
View on SEC.gov
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.9
WOLF ENERGY SERVICES INC. incurred convertible notes of $184,800 with accredited investor at twelve percent (12%) maturing March 27, 2024.
- Instrument
- convertible notes
- Principal
- $184,800
- Counterparty
- accredited investor
- Rate
- twelve percent (12%)
- Maturity
- March 27, 2024
- Event
- incurrence
Exact text from the filing
sold the Investor a promissory note in the principal amount of $184,800 (the “Note”). The Note carries a one-time interest charge of twelve percent (12%) which was applied on the issuance date to the principal (22% upon the occurrence of an event of default) and has a maturity date of March 27, 2024.
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
WOLF ENERGY SERVICES INC. entered into Purchase and Sale of Future Receipts with an institutional financing party (effective 2023-03-28).
- Action
- entry
- Agreement
- asset purchase
- Counterparty
- an institutional financing party
- Effective
- 2023-03-28
Exact text from the filing
Effective March 29 2023, Pinnacle Frac Transport LLC, a wholly owned subsidiary of the Company (“Pinnacle Frac”), entered into separate agreements with an institutional financing parties (each, a “Purchaser”) to provide an aggregate net financing amount of approximately $350,000 prior to expenses and fees of approximately $12,500. Pinnacle Frac entered into a Purchase and Sale of Future Receipts dated as of March 28, 2023 (the “PSFR”); and Pinnacle Frac entered into a Standard Merchant Cash Advance Agreement dated as of March 28, 2023 (the “MCA”).
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
WOLF ENERGY SERVICES INC. entered into Securities Purchase Agreement with an accredited investor valued at $184,800 (effective 2023-03-29).
- Action
- entry
- Agreement
- notes offering
- Counterparty
- an accredited investor
- Value
- $184,800
- Effective
- 2023-03-29
Exact text from the filing
Effective March 29, 2023, Wolf Energy Services Inc., a Florida corporation (the “Company”) entered into a Securities Purchase Agreement dated March 27, 2023 (the “Purchase Agreement”) with an accredited investor (the “Investor”), pursuant to which the Company sold the Investor a promissory note in the principal amount of $184,800 (the “Note”).
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
WOLF ENERGY SERVICES INC. entered into Standard Merchant Cash Advance Agreement with an institutional financing party (effective 2023-03-28).
- Action
- entry
- Agreement
- asset purchase
- Counterparty
- an institutional financing party
- Effective
- 2023-03-28
Exact text from the filing
Effective March 29 2023, Pinnacle Frac Transport LLC, a wholly owned subsidiary of the Company (“Pinnacle Frac”), entered into separate agreements with an institutional financing parties (each, a “Purchaser”) to provide an aggregate net financing amount of approximately $350,000 prior to expenses and fees of approximately $12,500. Pinnacle Frac entered into a Purchase and Sale of Future Receipts dated as of March 28, 2023 (the “PSFR”); and Pinnacle Frac entered into a Standard Merchant Cash Advance Agreement dated as of March 28, 2023 (the “MCA”).
View on SEC.gov
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