Extracted from this filing and checked against the source text.
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.95
Starco Brands, Inc. amended loan of $4,000,000.00 with Ross Sklar at Wall Street Journal Prime Rate plus 2% (current floating interest rate of 10.5%) maturing December 31, 2024 (automatically extends for a 90-day period).
- Instrument
- loan
- Principal
- $4,000,000.00
- Counterparty
- Ross Sklar
- Rate
- Wall Street Journal Prime Rate plus 2% (current floating interest rate of 10.5%)
- Maturity
- December 31, 2024 (automatically extends for a 90-day period)
- Event
- amendment
Exact text from the filing
The Consolidated Secured Promissory Note was issued to Sklar on August 11, 2023, in the principal sum of $4,000,000.00 and provides for the delay in the Company’s repayment of $4,000,000.00 due to Sklar under outstanding loan obligations relating to the Prior Notes until December 31, 2024 (the “ Maturity Date ”).
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Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.95
Starco Brands, Inc. entered into Consolidated Secured Promissory Note with Ross Sklar valued at $4,000,000.00 (effective 2023-08-11).
- Action
- entry
- Agreement
- credit facility
- Counterparty
- Ross Sklar
- Value
- $4,000,000.00
- Effective
- 2023-08-11
Exact text from the filing
On August 8, 2023, Starco Brands, Inc. (the “ Company ”) and Ross Sklar, the Company’s Chief Executive Officer (“ Sklar ”), agreed to enter into a consolidated secured promissory note (the “ Consolidated Secured Promissory Note ”) to consolidate certain outstanding loan obligations and, among other things, waive any events of default and extend the maturity date for when payment of the outstanding principal amount of the following loans, which were to be repaid by the Company
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Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.95
Starco Brands, Inc. entered into Security Agreement with Ross Sklar valued at grants Sklar a security interest in the Company’s assets in connection with the Consolidated Secured (effective 2023-08-11).
- Action
- entry
- Agreement
- credit facility
- Counterparty
- Ross Sklar
- Value
- grants Sklar a security interest in the Company’s assets in connection with the Consolidated Secured
- Effective
- 2023-08-11
Exact text from the filing
In connection with the Consolidated Secured Promissory Note, the Company entered into the Security Agreement, by and between the Company and Sklar to provide a security interest in the assets of the Company to Sklar in order to secure the obligations underlying the Consolidated Secured Promissory Note.
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