EzFill Holdings enters into $55,000 promissory note with Next Charging, related party

NEXTNRG, INC.

On Dec 20, 2023, EzFill (EZFL) issued a $55,000 promissory note to Next Charging LLC with a $10,000 OID, bearing 8% interest for nine months then 18%.
The note matures Feb 20, 2024, with automatic 2-month extensions unless Next gives 10 days' notice; full balance due if EzFill raises at least $3 million.
Upon default, unpaid principal and interest are multiplied by 150%, and Next can convert outstanding amounts into EZFL common stock at the average closing price over 10 trading days.
Michael Farkas, managing member of Next, beneficially owns ~20% of EzFill's common stock; the parties have an unclosed exchange agreement for Next to become a wholly-owned subsidiary.
The note and related conversion rights may cause dilution for existing shareholders if triggered.

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 $55,000 (effective 2023-12-20).

Action: entry
Counterparty: Next Charging, LLC
Value: $55,000
Effective: 2023-12-20

Exact text from the filing

On December 20, 2023, the Company and Next Charging, LLC (“Next”) entered into a promissory note (the “Note”) for the sum of $55,000 (the “Loan”).

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NEXTNRG, INC. filing history →

Source: SEC EDGAR

accession 0001493152-23-045913

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