secwatch.observer — SEC 8-K summary
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Issuer:     Edible Garden AG Inc (EDBL)
CIK:        0001809750
Form:       8-K
Filed at:   2024-03-20T23:59:59+00:00
Accession:  0001477932-24-001371
Event type: debt
Sentiment:  negative
Materiality: 0.70
Item codes: 1.01, 2.01, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Edible Garden sells $1.49M future receivables for $1.0M net; weekly payments of $53,250
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- Sold $1,491,000 of future accounts receivable for $1,050,000 purchase price; net $1,000,000 after $50,000 fees.
- Cedar Advance to withdraw $53,250 per week via ACH until the full $1,491,000 is paid.
- Granted Cedar a security interest in all accounts, accounts receivable, and deposit accounts.
- Effective financing cost implies ~49% premium over net funds provided; indefinite term until paid in full.
- Transaction structured as sale of receivables, not a loan; proceeds for general working capital.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1809750/000147793224001371/0001477932-24-001371-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1809750/000147793224001371/edbl_8k.htm
  HTML page:      https://secwatch.observer/filing/0001477932-24-001371

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