NEXTNRG, INC. (NXXT): debt financing — EzFill issues $165K promissory note to Next Charging; 10% OID, 8% interest

NEXTNRG, INC.

Principal $165,000 with $15,000 original issue discount (10% of face).
Interest 8% for first 9 months, then 18% on entire balance; maturity Oct 30, 2023 with auto 2-month extensions.
Note becomes immediately due if company raises $3M+ capital.
Default triggers 150% penalty on outstanding and conversion right at 10-day average closing price.
Next Charging managed by Michael Farkas, who owns ~24% of EZFL; pending Exchange Agreement to acquire Next.

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 $165,000 with Next Charging, LLC at 8% per annum for the first nine months, afterward, the Note will begin to accrue maturing October 30, 2023.

Instrument: loan
Principal: $165,000
Counterparty: Next Charging, LLC
Rate: 8% per annum for the first nine months, afterward, the Note will begin to accrue
Maturity: October 30, 2023
Event: incurrence

Exact text from the filing

On August 30, 2023, EzFill Holdings, Inc. (the “Company” or “Borrower”) and Next Charging, LLC (“Next”) entered into a promissory note (the “Note”) for the sum of $165,000 (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 $165,000 (effective 2023-08-30).

Action: entry
Agreement: credit facility
Counterparty: Next Charging, LLC
Value: $165,000
Effective: 2023-08-30

Exact text from the filing

On August 30, 2023, EzFill Holdings, Inc. (the “Company” or “Borrower”) and Next Charging, LLC (“Next”) entered into a promissory note (the “Note”) for the sum of $165,000 (the “Loan”).

View on SEC.gov

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

NEXTNRG, INC. filing history →

Source: SEC EDGAR

accession 0001493152-23-031879

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