1606 CORP. (CBDW): debt financing — 1606 Corp. issues $1.53M promissory note to former CEO Gregory Lambrecht

1606 CORP.

Principal amount of $1,528,550, amended from $1,220,550, issued March 31, 2025.
Note matures December 31, 2025, with no accrued interest.
Issued to former CEO/director Gregory Lambrecht; board approved May 2, 2025.
Events of default include non-payment, covenant breach, and bankruptcy.
Obligation creates a direct financial liability for 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

1606 CORP. incurred loan of $1,528,550 with Gregory Lambrecht at does not accrue any interest maturing December 31, 2025.

Instrument: loan
Principal: $1,528,550
Counterparty: Gregory Lambrecht
Rate: does not accrue any interest
Maturity: December 31, 2025
Event: incurrence

Exact text from the filing

Due to additional amounts loaned by Mr. Lambrecht to the Company, on March 31, 2025, the Company issued to Mr. Lambrecht an Amended and Restated Promissory Note in the principal amount of $1,528,550 (the “ Note ”).

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1606 CORP. filing history →

Source: SEC EDGAR

accession 0001477932-25-003310

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