EzFill issues $165K promissory note to Next Charging for working capital; related party transaction

NEXTNRG, INC.

Loan principal $165K with $15K OID (10%); interest 8% first 9 months, then 18%.
Maturity March 25, 2024, with automatic 2-month extensions unless lender opts out.
Upon default, lender can convert outstanding into common stock at VWAP or $0.70 floor.
Lender Michael Farkas (managing member) owns ~20% of EzFill; loan used for working capital.
Loan accelerates if EzFill raises $3M or more in debt or equity.

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 2024-01-25).

Action: entry
Counterparty: Next Charging, LLC
Value: $165,000
Effective: 2024-01-25

Exact text from the filing

On January 25, 2024, EzFill Holdings, Inc. (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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NEXTNRG, INC. filing history →

Source: SEC EDGAR

accession 0001493152-24-004498

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