secwatch.observer — SEC 8-K summary
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Issuer:     SPARTA COMMERCIAL SERVICES, INC. (SRCO)
CIK:        0000318299
Form:       8-K
Filed at:   2022-12-23T23:59:59+00:00
Accession:  0001493152-22-036498
Event type: other_material
Sentiment:  neutral
Materiality: 0.55
Item codes: 3.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Sparta Commercial converts $200K insider debt to stock options; CEO, VP, Director receive 1.87M shares
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- CEO Anthony Havens converts $100K deferred salary for options to purchase 934,579 shares at $0.107 strike.
- VP Sandra Ahman converts $50K deferred salary for 467,290 options; Director Kristian Srb converts $50K debt for 467,290 options.
- Options vest immediately, have five-year term; exercise price is 110% of 30-day VWAP ($0.107).
- Issuance exempt under Section 4(a)(2) of Securities Act as private placement to insiders.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/318299/000149315222036498/0001493152-22-036498-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/318299/000149315222036498/form8-k.htm
  HTML page:      https://secwatch.observer/filing/0001493152-22-036498

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