EzFill enters $220K promissory note with related party Next Charging with conversion rights

NEXTNRG, INC.

Issued $220K promissory note to Next Charging, LLC; managing member Michael Farkas owns ~20% of EzFill.
Note has 10% OID ($20K); interest 8% for 9 months then 18% per annum; maturity Jan 21, 2024 with auto 2-month extensions.
Default triggers 150% penalty and conversion right at 10-day average closing price.
Principal and interest become immediately due if EzFill raises at least $3M in capital.
Note is part of pending Exchange Agreement to acquire Next Charging (closing not yet occurred).

item 1.01 item 3.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

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

NEXTNRG, INC. entered into Note with Next Charging, LLC valued at $220,000 (effective 2023-11-21).

Action: entry
Counterparty: Next Charging, LLC
Value: $220,000
Effective: 2023-11-21

Exact text from the filing

On November 21, 2023, the Company and Next Charging, LLC (“Next”) entered into a promissory note (the “Note”) for the sum of $220,000 (the “Loan”).

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33 material agreements filed in the last 30 days. Browse all material agreements →

NEXTNRG, INC. filing history →

Source: SEC EDGAR

accession 0001493152-23-042492

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