secwatch.observer — SEC 8-K summary
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Issuer:     Pharmagreen Biotech Inc. (PHBI)
CIK:        0001435181
Form:       8-K
Filed at:   2022-12-02T23:59:59+00:00
Accession:  0001477932-22-009028
Event type: other_material
Sentiment:  neutral
Materiality: 0.50
Item codes: 1.01, 3.02, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Pharmagreen issues $50K convertible note at 42.5% discount; hires Tyrell Crosby for 10M shares
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- Convertible promissory note: $50,000 principal, 10% interest, due May 1, 2023; conversion price is 57.5% of average 3 lowest trading prices (42.5% discount).
- Note issued to accredited investor JanBella Group LLC under Regulation D; company may prepay at 125% within 120 days, no prepayment after.
- Product endorsement agreement with NFL player Tyrell Crosby: receives 10M common shares for 1.5-year term as brand ambassador for NutraMax Genomic Supplement.
- Crosby also entitled to $1,000 per day plus travel expenses for appearances at company events or shows.
- Company had approximately 444.8M shares outstanding prior to these issuances; potential dilution from note conversion and share issuance.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1435181/000147793222009028/0001477932-22-009028-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1435181/000147793222009028/phbi_8k.htm
  HTML page:      https://secwatch.observer/filing/0001477932-22-009028

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