NEXTNRG, INC. (NXXT): debt financing — EzFill issues $220K promissory note to related party Next Charging with conversion rights

NEXTNRG, INC.

Note principal $220K with 10% OID ($20K); interest 8% for first 9 months then 18% pa.
Maturity Nov 6, 2023, auto-extendable in 2-month increments unless Next gives 10-day notice.
Upon $3M+ capital raise, entire note due; default triggers 150% penalty and conversion into common stock at avg closing price.
Michael Farkas, managing member of Next, owns ~24% of EzFill common stock; pending acquisition of Next not yet closed.

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 $220,000 with Next Charging, LLC at 8% per annum for the first nine months, afterward, 18% per annum maturing November 6, 2023.

Instrument: loan
Principal: $220,000
Counterparty: Next Charging, LLC
Rate: 8% per annum for the first nine months, afterward, 18% per annum
Maturity: November 6, 2023
Event: incurrence

Exact text from the filing

On September 6, 2023, EzFill Holdings, Inc. (the “Company” or “Borrower”) and Next Charging, LLC (“Next”) entered into a promissory note (the “Note”) for the sum of $220,000 (the “Loan”).

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

NEXTNRG, INC. entered into Promissory Note with Next Charging, LLC valued at $220,000 Loan, 8% interest per annum for first nine months, then 18% per annum thereafter, maturity (effective 2023-09-06).

Action: entry
Agreement: credit facility
Counterparty: Next Charging, LLC
Value: $220,000 Loan, 8% interest per annum for first nine months, then 18% per annum thereafter, maturity
Effective: 2023-09-06

Exact text from the filing

On September 6, 2023, EzFill Holdings, Inc. (the “Company” or “Borrower”) and Next Charging, LLC (“Next”) entered into a promissory note (the “Note”) for the sum of $220,000 (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 0001493152-23-031974

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