KONA GOLD BEVERAGE, INC.: debt financing — Kona Gold Beverage issues $55,706 secured convertible note and warrant to Mast Hill Fund

KONA GOLD BEVERAGE, INC.

Principal amount $55,706.52; net proceeds ~$51,250 after 8% OID and fees.
Note convertible at $0.004/share, 10% interest, 12-month maturity, secured by company assets.
Warrant to purchase 20,889,945 shares at $0.003/share, exercisable for 5 years, cashless exercise.
Monthly mandatory redemption of $2 per 12-count case sold (based on GAAP revenue, 2 months arrears).

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 senior notes of $55,706.52 with third-party investor at 10% maturing 12 months from its issuance date.

Instrument: senior notes
Principal: $55,706.52
Counterparty: third-party investor
Rate: 10%
Maturity: 12 months from its issuance date
Event: incurrence

Exact text from the filing

a Senior Secured Promissory Note (the "Senior Note") with an initial principal amount of $55,706.52

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

KONA GOLD BEVERAGE, INC. entered into "SPA" with a third-party investor (the "Investor") valued at $55,706.52 (effective 2023-06-14).

Action: entry
Agreement: equity purchase
Counterparty: a third-party investor (the "Investor")
Value: $55,706.52
Effective: 2023-06-14

Exact text from the filing

Pursuant to a Securities Purchase Agreement dated as of June 14, 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 $55,706.52

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Source: SEC EDGAR

accession 0001493152-23-021644

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