HeartCore Enterprises, Inc. (HTCR): debt financing — HeartCore lends $400K to 51%-owned subsidiary Sigmaways at 0.1% interest

HeartCore Enterprises, Inc.

HeartCore loaned $400,000 to Sigmaways (51% owned) via promissory note at 0.1% simple interest, maturing Sept 1, 2026.
Of the loan, $300,000 will be on-lent to Sabatini Global via Lucca Unlimited LLC note at 4% simple interest, due Sept 2, 2026.
Sigmaways Note carries default interest of 10% per annum; prepayment without penalty is allowed.
Sabatini Note includes forgiveness of annual payments if Lucca meets revenue targets, customer satisfaction, and compliance conditions.
Sabatini Note is personally guaranteed by Andrew Sabatini and his affiliate Lucca's sole partner.

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

HeartCore Enterprises, Inc. incurred loan of $400,000 with Sigmaways, Inc. at 0.1% per annum, simple interest maturing September 1, 2026.

Instrument: loan
Principal: $400,000
Counterparty: Sigmaways, Inc.
Rate: 0.1% per annum, simple interest
Maturity: September 1, 2026
Event: incurrence

Exact text from the filing

On September 1, 2023, Sigmaways issued to the Company the Sigmaways Note in the principal amount of $400,000. The Sigmaways Note bears interest at the rate of 0.1% per annum, simple interest, and has a maturity date of September 1, 2026.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

HeartCore Enterprises, Inc. entered into Loan and NPA with Sigmaways, Inc., a 51% owned subsidiary of the Company ('Sigmaways') valued at $400,000 (effective 2023-09-01).

Action: entry
Agreement: credit facility
Counterparty: Sigmaways, Inc., a 51% owned subsidiary of the Company ('Sigmaways')
Value: $400,000
Effective: 2023-09-01

Exact text from the filing

On September 1, 2023, HeartCore Enterprises, Inc. (the “Company”) entered into a loan and note purchase agreement (the “Loan and NPA”) with Sigmaways, Inc., a 51% owned subsidiary of the Company (“Sigmaways”). Pursuant to the terms of the Loan and NPA, the Company agreed to loan to Sigmaways $400,000 (the “Loan”), which Loan will be evidenced by a promissory note between the Company and Sigmaways (the “Sigmaways Note”).

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HeartCore Enterprises, Inc. filing history →

Source: SEC EDGAR

accession 0001493152-23-032253

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