EzFill issues $165K promissory note to related party Next Charging with conversion rights

NEXTNRG, INC.

Principal $165,000 with $15,000 OID (10%); interest 8% first 9 months then 18%.
Maturity Feb 13, 2024, with automatic 2-month extensions unless Next opts out.
Upon default, unpaid amount multiplied by 150% due; Next can convert to common at 10-day VWAP.
Next's managing member Michael Farkas beneficially owns ~20% of EzFill common stock.
Closing of previously disclosed acquisition of Next by EzFill in exchange for stock has not 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 $165,000 (effective 2023-12-13).

Action: entry
Counterparty: Next Charging, LLC
Value: $165,000
Effective: 2023-12-13

Exact text from the filing

On December 13, 2023, the Company and Next Charging, LLC (“Next”) entered into a promissory note (the “Note”) for the sum of $165,000 (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 0001493152-23-044861

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