NetBrands Corp. (NBND): debt financing — NetBrands issues $117K promissory note to 1800 Diagonal with 13% OID and conversion discount

NetBrands Corp.

Net proceeds of $100,000 after $12,570 original issue discount and $4,750 legal fees; total payback $132,571.
Note matures April 15, 2024; nine monthly payments of $14,730.11 beginning July 15, 2023; 13% one-time interest.
Default triggers 22% interest rate or acceleration at 150% of outstanding; conversion at 75% of lowest 10-day trading price.
Conversion limited to 4.99% beneficial ownership; company must reserve 4x shares issuable upon full conversion.
Proceeds used for working capital and general corporate purposes; note is unsecured.

item 1.01 item 2.03 item 3.02 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

NetBrands Corp. incurred loan of $117,320 with 1800 Diagonal Lending LLC at 13% maturing April 15, 2024.

Instrument: loan
Principal: $117,320
Counterparty: 1800 Diagonal Lending LLC
Rate: 13%
Maturity: April 15, 2024
Event: incurrence

Exact text from the filing

On June 6, 2023, NetBrands Corp., a Delaware corporation (the “Company”), entered into a securities purchase agreement (the “Purchase Agreement”) with 1800 Diagonal Lending LLC, a Virginia limited liability company (“1800 Diagonal”), pursuant to which the Company issued to 1800 Diagonal an unsecured promissory note in the principal amount of $117,320 (the “Note”).

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

NetBrands Corp. entered into Purchase Agreement with 1800 Diagonal Lending LLC valued at $117,320 (effective 2023-06-06).

Action: entry
Agreement: equity purchase
Counterparty: 1800 Diagonal Lending LLC
Value: $117,320
Effective: 2023-06-06

Exact text from the filing

On June 6, 2023, NetBrands Corp., a Delaware corporation (the “Company”), entered into a securities purchase agreement (the “Purchase Agreement”) with 1800 Diagonal Lending LLC, a Virginia limited liability company (“1800 Diagonal”), pursuant to which the Company issued to 1800 Diagonal an unsecured promissory note in the principal amount of $117,320 (the “Note”).

View on SEC.gov

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NetBrands Corp. filing history →

Source: SEC EDGAR

accession 0001493152-23-020970

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