secwatch.observer — SEC 8-K summary
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Issuer:     Novo Integrated Sciences, Inc. (—)
CIK:        0001138978
Form:       8-K
Filed at:   2023-09-22T23:59:59+00:00
Accession:  0001493152-23-033457
Event type: debt
Sentiment:  neutral
Materiality: 0.35
Item codes: 1.01, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Novo Integrated Sciences issues $277,778 promissory note to FirstFire at 12%, with conversion discount
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- Issued 12% promissory note for $277,777.77 principal (OID $27,777.77); net proceeds $250,000.
- Maturity date September 18, 2024; holder may convert at lesser of $0.45 or 91.5% of lowest VWAP over five trading days.
- Amortization payments begin December 18, 2023; failure triggers conversion at 85% of VWAP.
- Default triggers immediate payment of principal plus accrued interest multiplied by 125% and default interest at 16%.
- Subsidiary Acenzia Inc. guaranteed the note with a junior security interest on its Tecumseh, Ontario property.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1138978/000149315223033457/0001493152-23-033457-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1138978/000149315223033457/form8-k.htm
  HTML page:      https://secwatch.observer/filing/0001493152-23-033457

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