Innovation1 Biotech Inc.: debt financing — Innovation1 Biotech issues $20,000 promissory note at 10% interest

Innovation1 Biotech Inc.

Note issued October 11, 2023 to accredited investor for $20,000 principal.
Bears 10% annual interest; matures Jan 9, 2024 or five days after demand.
No conversion or equity features disclosed; note is a direct obligation of the company.

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

Innovation1 Biotech Inc. incurred loan of $20,000 at 10% per annum maturing the earlier of January 9, 2024, and five days from the date that the noteholder demands repayment.

Instrument: loan
Principal: $20,000
Rate: 10% per annum
Maturity: the earlier of January 9, 2024, and five days from the date that the noteholder demands repayment
Event: incurrence

Exact text from the filing

On October 11, 2023, Innovation1 Biotech Inc. (the “Company”) issued a $20,000 Demand Promissory Note (the “Note”) to an accredited investor in consideration for $20,000. The Note: (i) bears 10% interest per annum and (ii) matures on the earlier of January 9, 2024, and five days from the date that the noteholder demands repayment.

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Source: SEC EDGAR

accession 0001477932-23-007644

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