NEXTNRG, INC. (NXXT): debt financing — EzFill enters $440K promissory note with related party Next Charging; interest 8% then 18%.

NEXTNRG, INC.

Loan principal $440,000 with $40,000 OID (10%); net proceeds ~$400,000 disbursed in two $200k tranches.
Interest 8% for first 9 months, then 18% thereafter; maturity date September 5, 2023, extendable in 2-month periods.
Lender is Next Charging, LLC, managed by Michael Farkas (beneficial owner of ~24% of EzFill common stock).
Upon default, unpaid principal and interest multiplied by 150% become due; Next obtains conversion rights at 10-day VWAP.
If EzFill completes a capital raise of at least $2M, entire outstanding principal and interest become immediately due.

item 1.01 item 2.03 item 3.02 item 3.03 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

NEXTNRG, INC. incurred loan of $440,000 with Next Charging, LLC at 8% per annum for the first nine months, afterward, the Note will begin to accrue maturing September 5, 2023.

Instrument: loan
Principal: $440,000
Counterparty: Next Charging, LLC
Rate: 8% per annum for the first nine months, afterward, the Note will begin to accrue
Maturity: September 5, 2023
Event: incurrence

Exact text from the filing

On July 5, 2023, EzFill Holdings, Inc. (the “Company” or “Borrower”) and Next Charging, LLC (“Next”) entered into a promissory note (the “Note”) for the sum of $440,000 (the “Loan”).

View on SEC.gov

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

NEXTNRG, INC. entered into Note with Next Charging, LLC valued at $440,000 (effective 2023-07-05).

Action: entry
Agreement: credit facility
Counterparty: Next Charging, LLC
Value: $440,000
Effective: 2023-07-05

Exact text from the filing

On July 5, 2023, EzFill Holdings, Inc. (the “Company” or “Borrower”) and Next Charging, LLC (“Next”) entered into a promissory note (the “Note”) for the sum of $440,000 (the “Loan”).

View on SEC.gov

8 debt financings filed in the last 30 days. Browse all debt financings →

NEXTNRG, INC. filing history →

Source: SEC EDGAR

accession 0001493152-23-024195

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