KONA GOLD BEVERAGE, INC.: debt financing — Kona Gold Beverage issues $475K secured convertible note and 80M-share warrant to Mast Hill Fund

KONA GOLD BEVERAGE, INC.

Issued $475,000 senior secured convertible note to Mast Hill Fund, L.P.; net proceeds of $437,000 after fees.
Note bears 10% annual interest, matures in 12 months, convertible at $0.0045 per share.
Granted warrant to purchase up to 80,000,000 common shares at $0.0045 per share, exercisable for 5 years.
Monthly mandatory redemption based on case sales: $2 per 12-count case sold, starting May 10, 2023.
Note secured by all company assets, subordinate to prior debenture; conversion blocker at 4.99%.

item 1.01 item 2.03 item 9.01

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

KONA GOLD BEVERAGE, INC. incurred convertible notes of $475,000 at 10% maturing 12 months from its issuance date.

Instrument: convertible notes
Principal: $475,000
Rate: 10%
Maturity: 12 months from its issuance date
Event: incurrence

Exact text from the filing

Pursuant to a Securities Purchase Agreement dated as of March 13, 2023 (the “SPA”), Kona Gold Beverage, Inc. (“our” or “we”), completed a private placement of a Senior Secured Promissory Note (the “Senior Note”) with an initial principal amount of $475,000

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

KONA GOLD BEVERAGE, INC. entered into Securities Purchase Agreement valued at $475,000 (effective 2023-03-13).

Action: entry
Agreement: equity purchase
Value: $475,000
Effective: 2023-03-13

Exact text from the filing

Pursuant to a Securities Purchase Agreement dated as of March 13, 2023 (the “SPA”), Kona Gold Beverage, Inc. (“our” or “we”), completed a private placement of a Senior Secured Promissory Note (the “Senior Note”) with an initial principal amount of $475,000

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.7

KONA GOLD BEVERAGE, INC. entered into Security Agreement.

Action: entry

Exact text from the filing

greement (the “Security Agreement”) with and in favor of the Investor. Our subsidiaries are also parties to the Security

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Source: SEC EDGAR

accession 0001493152-23-008306

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