NEXTNRG, INC. (NXXT): debt financing — EzFill enters $110K promissory note with Next Charging; 8% interest, 18% after 9 months; maturity Nov 13, 2023

NEXTNRG, INC.

Note principal $110,000 with $10,000 OID; net proceeds $100,000.
Interest 8% per annum for first 9 months then 18% thereafter; maturity Nov 13, 2023 with auto 2-month extensions.
Default triggers 150% penalty and conversion right for Next at 10-day average closing price.
Lender's managing member Michael Farkas holds ~24% of EzFill common; pending acquisition of Next by EzFill.
Loan immediately due upon company completing a capital raise of at least $3,000,000.

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 $110,000 with Next Charging, LLC at 8% per annum for the first nine months, afterward, the Note will begin to accrue maturing 2023-11-13.

Instrument: loan
Principal: $110,000
Counterparty: Next Charging, LLC
Rate: 8% per annum for the first nine months, afterward, the Note will begin to accrue
Maturity: 2023-11-13
Event: incurrence

Exact text from the filing

On September 13, 2023, EzFill Holdings, Inc. (the “Company” or “Borrower”) and Next Charging, LLC (“Next”) entered into a promissory note (the “Note”) for the sum of $110,000 (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 $110,000 (effective 2023-09-13).

Action: entry
Agreement: credit facility
Counterparty: Next Charging, LLC
Value: $110,000
Effective: 2023-09-13

Exact text from the filing

On September 13, 2023, EzFill Holdings, Inc. (the “Company” or “Borrower”) and Next Charging, LLC (“Next”) entered into a promissory note (the “Note”) for the sum of $110,000 (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 0001493152-23-032763

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