secwatch.observer — SEC 8-K summary
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Issuer:     NetBrands Corp. (NBND)
CIK:        0001725911
Form:       8-K
Filed at:   2023-06-12T23:59:59+00:00
Accession:  0001493152-23-020970
Event type: debt
Sentiment:  negative
Materiality: 0.75
Item codes: 1.01, 2.03, 3.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1725911/000149315223020970/0001493152-23-020970-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1725911/000149315223020970/form8-k.htm
  HTML page:      https://secwatch.observer/filing/0001493152-23-020970

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