Metavesco, Inc. (MVCO): debt financing — Metavesco enters $650K secured note with related party; issues 1M shares for $1K

Metavesco, Inc.

Issued $650K secured promissory note to Meliori Inc. at $597K purchase price (13% OID), 12.5% interest, due Nov 2, 2028.
Sold 1,000,000 common shares to Meliori for $1,000 ($0.0001 per share) as part of the same transaction.
Meliori is owned by CEO Ryan Schadel's adult daughter; Schadel is CEO, CFO, sole director and majority owner of Metavesco.
The note is secured by substantially all assets of the company under a Security Agreement filed as exhibit.
Repaid and terminated a $25,000 unsecured promissory note to Tom Zarro with a payment of $26,934 (principal + interest).

item 1.01 item 1.02 item 2.03 item 9.01

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

Metavesco, Inc. incurred loan of $650,000 with Meliori Incorporated at 12.5% per annum maturing December 2, 2028.

Instrument: loan
Principal: $650,000
Counterparty: Meliori Incorporated
Rate: 12.5% per annum
Maturity: December 2, 2028
Event: incurrence

Exact text from the filing

Treasurer and sole director. Pursuant to the terms of the Meliori SPA, the Company issued and sold to Meliori (i) a secured promissory note, in the principal amount of $650,000, for a purchase price of $597,000, reflecting a $53,000 original issue discount (the “Meliori Note”), and (ii) 1,000,000 shares of the Company’s common stock, for a purchase price

View on SEC.gov

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

Metavesco, Inc. entered into Security Agreement with Meliori Incorporated (effective 2023-11-02).

Action: entry
Counterparty: Meliori Incorporated
Effective: 2023-11-02

Exact text from the filing

In connection with entry into the Meliori SPA, on November 2, 2023, the Company and Meliori entered into a Security Agreement (the "Meliori Security Agreement").

View on SEC.gov

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

Metavesco, Inc. entered into Securities Purchase Agreement with Meliori Incorporated valued at principal amount of $650,000, for a purchase price of $597,000 (effective 2023-11-02).

Action: entry
Agreement: equity purchase
Counterparty: Meliori Incorporated
Value: principal amount of $650,000, for a purchase price of $597,000
Effective: 2023-11-02

Exact text from the filing

On November 2, 2023, Metavesco, Inc. (the "Company") entered into a Securities Purchase Agreement (the "Meliori SPA") by and between the Company and Meliori Incorporated ("Meliori").

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Metavesco, Inc. filing history →

Source: SEC EDGAR

accession 0001493152-23-039899

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