secwatch.observer — SEC 8-K summary
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Issuer:     Webstar Technology Group Inc. (WBSR)
CIK:        0001645155
Form:       8-K
Filed at:   2022-06-09T23:59:59+00:00
Accession:  0001493152-22-016216
Event type: other_material
Sentiment:  neutral
Materiality: 0.60
Item codes: 1.01, 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Webstar settles $1.64M debt with Chairman Owens via $1.1M convertible note, $0.01 conversion
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- Settled $1,644,583 debt (loans $756,450 + accrued salary $874,833) with Chairman/CTO James Owens.
- Issued $1,101,000 convertible promissory note at 8% interest, 24-month maturity, convertible at $0.01/share.
- Owens forgives $543,583 balance and reduces annual salary to $1.00 per year.
- Board canceled stock option grant to CFO dated December 9, 2022 (per filing).

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1645155/000149315222016216/0001493152-22-016216-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1645155/000149315222016216/form8-k.htm
  HTML page:      https://secwatch.observer/filing/0001493152-22-016216

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