EzFill enters $110K promissory note with Next Charging; related-party transaction

NEXTNRG, INC.

Principal $110K with $10K OID (10%); interest 8% first 9 months, then 18%.
Maturity March 5, 2024, with automatic 2-month extensions unless lender objects.
Upon default, unpaid amount multiplied by 150% becomes due; conversion at greater of $1.23 or $0.20 floor.
Lender is managed by Michael Farkas, beneficial owner of ~20% of EzFill; pending acquisition of Next.

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 (Next) valued at $110,000 (effective 2024-01-05).

Action: entry
Counterparty: Next Charging, LLC (Next)
Value: $110,000
Effective: 2024-01-05

Exact text from the filing

On January 5, 2024, the Company and Next Charging, LLC (“Next”) entered into a promissory note (the “Note”) for the sum of $110,000 (the “Loan”).

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NEXTNRG, INC. filing history →

Source: SEC EDGAR

accession 0001493152-24-001707

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