Odyssey Semiconductor Technologies, Inc.: debt financing — Odyssey Semiconductor issues $315k secured convertible notes to Chairman's trust at 10% interest

Odyssey Semiconductor Technologies, Inc.

$190k note on Feb 13 and $125k note on Feb 14 issued to Nina and John Edmunds 1998 Family Trust, chaired by John Edmunds.
10% non-compounding interest payable in common stock; maturity June 30, 2025.
Conversion at 80% of public offering price in a $5M+ IPO or exchange listing, or at average 20-day closing price otherwise.
Notes secured by all company assets; rank senior to all debt except prior notes to same holder totaling >$4M.
Interest paid in shares at conversion price; upon Corporate Transaction, holder receives 200% of principal plus interest.

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

Odyssey Semiconductor Technologies, Inc. incurred convertible notes of $190,000 with Nina and John Edmunds 1998 Family Trust dated January 27, 1998 at ten percent (10%) per annum maturing June 30, 2025.

Instrument: convertible notes
Principal: $190,000
Counterparty: Nina and John Edmunds 1998 Family Trust dated January 27, 1998
Rate: ten percent (10%) per annum
Maturity: June 30, 2025
Event: incurrence

Exact text from the filing

On February 13, 2024 and February 14, 2024, Odyssey Semiconductor Technologies, Inc. (the “Company”) issued a secured convertible promissory note in the amount of $190,000 and a secured convertible promissory note in the amount of $125,000 (the “Promissory Notes”), respectively, to the Nina and John Edmunds 1998 Family Trust dated January 27, 1998 (the “Edmunds Trust”), of which the Company’s Chairman, John Edmunds, is the trustee.

View on SEC.gov

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Odyssey Semiconductor Technologies, Inc. incurred convertible notes of $125,000 with Nina and John Edmunds 1998 Family Trust dated January 27, 1998 at ten percent (10%) per annum maturing June 30, 2025.

Instrument: convertible notes
Principal: $125,000
Counterparty: Nina and John Edmunds 1998 Family Trust dated January 27, 1998
Rate: ten percent (10%) per annum
Maturity: June 30, 2025
Event: incurrence

Exact text from the filing

On February 13, 2024 and February 14, 2024, Odyssey Semiconductor Technologies, Inc. (the “Company”) issued a secured convertible promissory note in the amount of $190,000 and a secured convertible promissory note in the amount of $125,000 (the “Promissory Notes”), respectively, to the Nina and John Edmunds 1998 Family Trust dated January 27, 1998 (the “Edmunds Trust”), of which the Company’s Chairman, John Edmunds, is the trustee.

View on SEC.gov

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Source: SEC EDGAR

accession 0001437749-24-004849

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