---
schema_version: "secwatch.filing_event.v1"
accession: "0001493152-23-020970"
form_type: "8-K"
ticker: "NBND"
cik: "0001725911"
company_name: "NetBrands Corp."
filed_at: "2023-06-12T23:59:59+00:00"
generated_at: "2026-06-14T03:01:28.159889+00:00"
event_type: "debt"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# NetBrands issues $117K promissory note to 1800 Diagonal with 13% OID and conversion discount

## Summary
- 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.

## SEC filing metadata
- accession: 0001493152-23-020970
- form_type: 8-K
- ticker: NBND
- cik: 0001725911
- company_name: NetBrands Corp.
- filed_at: 2023-06-12T23:59:59+00:00
- event_type: debt
- sentiment: negative
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 1.01, 2.03, 3.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1725911/000149315223020970/0001493152-23-020970-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1725911/000149315223020970/form8-k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001493152-23-020970
- JSON: https://secwatch.observer/filing/0001493152-23-020970.json
- Plain text: https://secwatch.observer/filing/0001493152-23-020970.txt

## Key facts
- Debt Financings
  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
  source text: 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”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1725911/000149315223020970/0001493152-23-020970-index.htm
- Material Agreements
  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
  source text: 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”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1725911/000149315223020970/0001493152-23-020970-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.