secwatch.observer — SEC 8-K summary
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Issuer:     NEXTNRG, INC. (NXXT)
CIK:        0001817004
Form:       8-K
Filed at:   2023-12-22T23:59:59+00:00
Accession:  0001493152-23-045913
Event type: debt
Sentiment:  negative
Materiality: 0.60
Item codes: 1.01, 3.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1817004/000149315223045913/0001493152-23-045913-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1817004/000149315223045913/form8-k.htm
  HTML page:      https://secwatch.observer/filing/0001493152-23-045913

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