EzFill borrows $165K from related party Next Charging via promissory note with conversion rights

NEXTNRG, INC.

Note for $165K with $10K OID; interest 8% for first 9 months then 18% per annum; matures Dec 27, 2024.
Upon completing a capital raise of at least $3M, entire principal and interest become immediately due.
Default triggers 150% penalty and conversion into common stock at greater of $1.23 or $0.20 per share (10-day avg).
Lender's managing member Michael Farkas beneficially owns ~20% of EzFill common stock; related-party transaction.

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 2023-12-27).

Action: entry
Counterparty: Next Charging, LLC
Value: $165,000
Effective: 2023-12-27

Exact text from the filing

On December 27, 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 0001493152-23-046254

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