HALLMARK VENTURE GROUP, INC. (HLLK): debt financing — Hallmark Venture issues $144,501 zero-coupon convertible note to CEO with 50% discount conversion

HALLMARK VENTURE GROUP, INC.

Company issued $144,501 0% convertible exchange note to CEO John D. Murphy Jr. for payment of Company expenses.
Note matures Dec 4, 2024; convertible at 50% discount to 25-day avg closing price; additional discounts possible.
Note to insider CEO; could cause significant dilution; default accelerates at 125% of principal.
CEO is also sole director and President; note includes 9.99% ownership conversion cap.

item 1.01 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

HALLMARK VENTURE GROUP, INC. incurred debt of $144,501.00 with John D. Murphy, Jr. at 0% maturing December 4, 2024.

Principal: $144,501.00
Counterparty: John D. Murphy, Jr.
Rate: 0%
Maturity: December 4, 2024
Event: incurrence

Exact text from the filing

On December 5, 2023, Hallmark Venture Group, Inc (the "Company") issued a $144,501.00, 0% convertible exchange note to John D. Murphy, Jr. ("Holder"), CEO and Director of the Company (the "Note").

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HALLMARK VENTURE GROUP, INC. filing history →

Source: SEC EDGAR

accession 0001493152-23-044098

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