Resonate Blends, Inc. (KOAN): debt financing — Resonate Blends issues $320k in convertible promissory notes to accredited investors

Resonate Blends, Inc.

Two promissory notes: $265k (Aug 1) and $55k (Aug 9); net proceeds $300k after $20k OID.
Three-month maturity; default interest at 18% per annum; no prepayment penalty.
Notes convertible into common stock in next funding round at ~$0.08/share with 4% preferred and warrants.
Issued 762,500 commitment shares as additional consideration; securities unregistered under Rule 506.

item 1.01 item 2.03 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

Resonate Blends, Inc. incurred loan of $265,000 at 18% per annum maturing three months from issuance.

Instrument: loan
Principal: $265,000
Rate: 18% per annum
Maturity: three months from issuance
Event: incurrence

Exact text from the filing

On August 1, 2023, we issued a Promissory Note to an accredited investor in the principal amount of $265,000.

View on SEC.gov

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Resonate Blends, Inc. incurred loan of $55,000 at 18% per annum maturing three months from issuance.

Instrument: loan
Principal: $55,000
Rate: 18% per annum
Maturity: three months from issuance
Event: incurrence

Exact text from the filing

On August 9, 2023, we issued another Promissory Note to an accredited investor in the principal amount of $55,000.

View on SEC.gov

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Resonate Blends, Inc. filing history →

Source: SEC EDGAR

accession 0001493152-23-029881

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