secwatch.observer — SEC 8-K summary
======================================

Issuer:     SKYX Platforms Corp. (SKYX)
CIK:        0001598981
Form:       8-K
Filed at:   2023-09-22T23:59:59+00:00
Accession:  0001493152-23-033459
Event type: debt
Sentiment:  neutral
Materiality: 0.55
Item codes: 1.01, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

SKYX subsidiary Belami enters $3M revolver and $1.5M term loan with Farmers & Merchants Bank
--------------------------------------------------------------------------------

- $3.0M secured revolving line of credit, prime rate (floor 7.5%), matures Sept 5, 2024.
- $1.5M term loan at 7.7% fixed, 36 monthly installments of $46,954.68, due Sept 5, 2026.
- Prepayment fee on term loan: 3% in year one, declining 1% each year through year three.
- Covenants: working capital >$1.25M, debt service coverage >1.25x, debt/worth <3.25x.
- SKYX Platforms Corp. guarantees Belami's obligations under both facilities.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1598981/000149315223033459/0001493152-23-033459-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1598981/000149315223033459/form8-k.htm
  HTML page:      https://secwatch.observer/filing/0001493152-23-033459

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer