secwatch.observer — SEC 8-K summary
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Issuer:     NEXTNRG, INC. (NXXT)
CIK:        0001817004
Form:       8-K
Filed at:   2023-07-11T23:59:59+00:00
Accession:  0001493152-23-024195
Event type: debt
Sentiment:  negative
Materiality: 0.65
Item codes: 1.01, 2.03, 3.02, 3.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

EzFill enters $440K promissory note with related party Next Charging; interest 8% then 18%.
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- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1817004/000149315223024195/0001493152-23-024195-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1817004/000149315223024195/form8-k.htm
  HTML page:      https://secwatch.observer/filing/0001493152-23-024195

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